In Hamersley Iron Pty Ltd v Forge Group Power Pty Ltd (In Liquidation) (Receivers and Managers Appointed), the Supreme Court of Western Australia held that the rights of ANZ, a secured creditor of Forge Group Power Pty Ltd (Forge) holding a security interest under the Personal Property Securities Act 2009 (Cth) (PPSA), trumped Hamersley Iron Pty Ltd’s rights of contractual and equitable set-off. Forge is in receivership and in liquidation. In answering the preliminary issues in dispute between the parties, the Supreme Court examined the complex interaction between contractual and equitable rights, the PPSA and section 553C of the Corporations Act 2001 (Cth) (the CA).
"The Interest is Not Mutual: Effect of the Personal Property Securities Act 2009 (CTH) on Contractual Rights of Set-Off,"
The University of Notre Dame Australia Law Review: Vol. 19
, Article 6.
Available at: https://researchonline.nd.edu.au/undalr/vol19/iss1/6