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In recent times, we have been instructed to provide a number of advices relating to the application of the socalled “rule against double proofs”. The rule potentially applies in any situation where a guarantor has previously paid money to a creditor pursuant to a guarantee and either the guarantor or the creditor seeks to prove in the winding up of the primary debtor.

This article lists the four situations that guarantors and creditors can find themselves in the event that the primary debtor goes into liquidation.

 

 

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Region: Australia
The information in any resource collected in this virtual library should not be construed as legal advice or legal opinion on specific facts and should not be considered representative of the views of its authors, its sponsors, and/or ACC. These resources are not intended as a definitive statement on the subject addressed. Rather, they are intended to serve as a tool providing practical advice and references for the busy in-house practitioner and other readers.
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