Where a vendor specifies and accepts a particular form of consideration (such as trade credits), the onus of proving that consideration was valueless lies on the vendor, not the purchaser. Reinstatement of a deregistered company to the register under s 601AH(5) of the Corporations Act 2001 (Cth) does not create a fiction that the company carried on business during the period of deregistration. The question whether a vendor's lien can be asserted against a registered proprietor under the Torrens system was left open.
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