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Bankruptcy trustee sets aside s79 final....

Justice Loughnan ordered Mrs Hicks to pay the trustee $638,217 despite finding Mrs Hicks not to be responsible for it, holding rather that ‘it is not possible to identify a just and equitable settlement of property between the husband and the wife but in my view a conservative exercise of discretion would allow to the husband sufficient property settlement to discharge the bankruptcy debts’.

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Liabilities are not assignable

Liabilities may not be assigned, although they may be novated or limit assigned rights. Attempts to transfer liabilities to phoenix companies may thus be void.

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