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Liquidator's lien prevails over secured creditor - 30th Jan 2015

Liquidator's lien prevails over secured creditor Johnson Winter & Slattery
Sara Gaertner
Australia
October 31 2014

In a good outcome for liquidators and litigation funders, Atco has overturned a unanimous decision of the Victorian Court of Appeal regarding the application of the Universal Distributing principle. The High Court found that, provided the true purpose of the proceedings is to realise the assets of the company, liquidators will be entitled to an equitable lien over their costs and expenses reasonably incurred in litigation to preserve or realise the assets, even where the litigation is largely unsuccessful and favours an unsecured creditor over a secured creditor.

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