'Notice of the fact' of insolvency under s 553C(2) requires actual notice of facts which would indicate to a reasonable person in the position of the creditor that the company was insolvent. It does not import constructive notice, nor does it require notice of acts of bankruptcy under s 459C(2). It requires more than reasonable grounds for suspecting insolvency, but it is unnecessary to show the creditor actually formed the view that the company was insolvent. The Commissioner of Taxation receives no special latitude as an involuntary creditor. The question whether insolvency must be the only reasonable inference from the known facts was expressly left open.
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