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The High Court of Australia has resolved a nearly 40-year old question of whether employees of a failed company established as trustee of a trading trust have priority over ordinary unsecured creditors.
The High Court has granted special leave to mortgage aggregator Connective in a dispute between the firm's founder and major shareholders over a transfer of one-third of the company's shares, in a case that could clarify whether litigation should be considered a prohibited form of financial assistance under the Corporations Act.