In Roufeil as Trustee of the Bankrupt Estate of Tarrant v Tarrant Enterprises Pty Ltd as Trustee for the MRT Family Trust [2023] FCAFC 142 a Full Court of the Federal Court allowed an appeal from a judgment of the Federal Circuit and Family Court of Australia (Division 2) which had held that payments into a loan account were not “payments of money” for the purposes of sections 120 and 121 of the Bankruptcy Act.  Their Honours held that the statutory phrase “payment of money” bears its ordinary meaning and the mere fact of receipt of value is sufficient to constitute a payment of money.

S Golledge SC and A Lim acted for the successful appellant trustee.