Felt and Textiles of New Zealand Limited v R. Hubrich Limited in (Receivership) - [1968] NZLR 716

Company law — Receiver for debenture holder — Sale by receiver of company asset subject to fixed charge — Purchaser a creditor of the company in respect of a debt incurred prior to appointment of receiver — Debenture holder's equitable charge on proceeds — No right to set off purchase price against debt — Absence of "mutuality" in the two transactions.