Is an obligation to make restitution one that is provable in liquidation/bankruptcy? (Mark Armstrong, 7 Apr 2000)

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Sender:	Mark Armstrong
Date:	Fri, 7 Apr 2000 16:29:06 +0100
Re:	Is an obligation to make restitution one that is provable in liquidation/bankruptcy?

Readers might like to note the decision of the Supreme Court of New South Wales in Cashflow Finance Pty Ltd v Westpac Banking Corporation; COD Factors Australia Pty Ltd v Cashflow Finance Pty Ltd (In Liq); Star v Klyon Pty Ltd; COD Factors Australia Pty Ltd v Walters (judgement 14 May 1999) (LEXIS). One of the many issues (including, for example, constructive trusts and tracing) raised in this case is the question of whether or not an obligation to make restitution is one which is provable in liquidation (a post-liquidation obligation)? Justice Einstein answered the question in the affirmative:" A claim for restitution of money paid to or to the use of a person who has become bankrupt is a claim which is provable in a bankruptcy, because it is a liquidated demand".

Mark

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