In Georges v Seaborn International (Trustee), in the matter of Sonray Capital Markets Pty Ltd (in liq) [2012] FCA 75, the Federal Court of Australia considered, amongst other things, whether foreign currency was "money' for the purposes of regulation 7.8.03(6) of the Corporations Regulations 2001. The court held that it was, referring to English authorities including Miliangos v George Frank (Textiles) Ltd [1976] AC 443 and The Halcyon The Great [1975] 1 WLR 515.
Wednesday, 22 February 2012
Australia: is foreign currency money?
In Georges v Seaborn International (Trustee), in the matter of Sonray Capital Markets Pty Ltd (in liq) [2012] FCA 75, the Federal Court of Australia considered, amongst other things, whether foreign currency was "money' for the purposes of regulation 7.8.03(6) of the Corporations Regulations 2001. The court held that it was, referring to English authorities including Miliangos v George Frank (Textiles) Ltd [1976] AC 443 and The Halcyon The Great [1975] 1 WLR 515.
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