Post-liquidation expenses incurred under a pre-existing management agreement that remains on foot are capable of set-off under s 553C where they existed as contingent claims at the commencement of winding up. The relevant time for assessing notice of insolvency under s 553C(2) is the date of the underlying antecedent contract, not when specific services were performed. Where liquidators elect to continue a pre-liquidation contract for the benefit of the winding up, expenses incurred under that contract may qualify as liquidation expenses under s 556(1)(a).
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