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Federal Court dabbling in insolvent trustee company law

Another case on trusts and insolvent corporate trustees was handed down recently, this time by Derrington J in the Federal Court. Much longer decision than the Amerind, High Court, one recently! Main things to take away: — sham unit trust created when members of a community put money together for the purpose of purchasing properties —…

Court confirms the super power of PMSI’s

Purchase Money Security Interests (“PMSI”) really do have a super power, according to a Full South Australian Court decision handed down on Friday. Case name: Samwise Holdings v Allied Distribution Finance [2018] SASCFC 95 The Court granted a PMSI holder a priority over 40 motorcycles above a first-in-time registered general security holder. The facts were:…