A charge described as 'fixed and floating' that does not identify which assets are subject to the fixed element and which to the floating element is void for uncertainty, even where the Court will do its best to uphold the bargain. In proving loss or damage under s 588M of the Corporations Act 2001 (Cth), the liquidator must bring to account any anticipated or estimated return to creditors, following Smith v Offermans rather than Powell v Fryer. An implied term requiring payment of interest on a loan is neither necessary for business efficacy nor so obvious it goes without saying where a shareholder or person interested in a company's success may logically provide a loan on an interest-free basis.
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