Declarations as to priority under s.556 of the Corporations Act 2001 are hypothetical and advisory where the company is subject to a deed of company arrangement that provides otherwise under s.444A(5). Where the real dispute about the deed's validity is being litigated in another court, it is inappropriate for a court to determine priority questions that would amount to no more than an advisory opinion for the assistance of that other court. Practitioners who unnecessarily fragment proceedings between courts bear the costs consequences, even where the opposing party co-operated in the course taken at first instance.
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