Costs Orders in Legal Proceedings & their Priority in Liquidations
House of Golf Chatswood P/L v McManus & Ors [2005] NSWSC 1246 (6 December 2005)
This decision by White J in the New South Wales Supreme Court reaffirms the well established but not, so well remembered, principle that a costs order made against a company in liquidation ranks in priority to unsecured creditors and the liquidator's right to remuneration. It is of vital importance that liquidators and those advising them are highly conscious of this principle when balancing the risks of litigation.
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