JUDGMENT

Nallini Pathmanathan FCJ:

Introduction

[1] In the field of insolvency, the law on the rights of secured and unsecured creditors, as well as that relating to priorities and preference payments, is well settled in statute, and consequently by case-law, which provides both certainty and judicial precedent.

[2] This appeal was necessitated by reason of a failure to apply these well-settled principles. This judgment serves primarily to restate certain fundamental principles of law in this area.

[3] The sole leave question allowed by this court on 9 May 2019, reads:

"Whether the right of a Joint Management Body or a Management Corporation to collect and receive payment from a proprietor under ss 33 and 77 of the Strata Management Act 2013 respectively, gives it a lawful preference as a secured creditor over the assets of a company in liquidation?"