The statutory priority regime in ss 433, 556 and 560 of the Corporations Act 2001 (Cth) does not apply to trust assets held by an insolvent corporate trustee. The trustee's right of indemnity from trust assets is not 'property of the company' and is not a floating charge. Trust creditors' claims against trust assets rank pari passu, not in accordance with the statutory priority regime. A retention of title clause in a principal supply agreement constitutes a single security agreement coming into force when the amended terms are accepted, not multiple agreements arising on each order. Where intermediate appellate courts of different States conflict on the interpretation of Commonwealth legislation, a single judge should follow the appellate court of the judge's own State unless convinced it is plainly wrong.
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