High Court considers how sale proceeds should be accounted for as between first-ranking secured creditor and second-ranking judgment creditor

Andrew Cooke and James Ballheimer of HSF Kramer summarise a recent decision which serves as a useful reminder for lenders with higher-ranking security that they may be liable to account to other secured creditors interested in the equity of redemption, including for any personal advantage obtained by the lenders beyond that due under their charge.

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