COUNSEL & SOLICITOR:
For the appellant – Lim Kian Leong, Lee May Lin & Paul Ngooi; M/s Lim Kian Leong & Co
Court Of Appeal
Companies and Corporations – Priorities – Right of priority (pari passu rule) – Priority of appellant as creditor – Preliminary issue – Appellant as trustee of medium terms notes (‘MTN’) – MTN constituted by trust deed – Clause 10.1(cc) – Whether appellant ranked in priority to other groups of unsecured creditors – Whether amount owing by second respondent to appellant had priority over syndicated term loan and convertible bonds – Whether equitable priority rule applied at expense of an express statutory provision – Whether restrictive effect of cl 10.1(cc) could be extended to other creditors not parties to trust deed – Companies Act 1965 s 292(2)