BANKRUPTCY AND INSOLVENCY - proofs of debt; where companies subject to deeds of company arrangement owe amounts to various lenders; where debts are unsecured; where debts are guaranteed by solvent companies in the same corporate group; where the solvent companies are sold and the proceeds distributed to the lenders pursuant to contractual arrangements; where sale proceeds insufficient to discharge the amounts owing in full; where proofs of debt are lodged by the lenders for the full amount owing to each of them without deduction for the amounts received by them from the sale of the guarantor companies; where other unsecured creditors object to the deed administrators admitting the proofs of debt without making that deduction; whether deed administrators are contractually bound to admit proofs of debt lodged by the lenders for the total amounts owing to them without deduction for the sale proceeds received by them; rule against double proofs in insolvency; meaning of the contractual term Amount Owing.
CONTRACTS - contract construction; whether uncertainty or ambiguity in terms or operation of agreement; recourse to background to surrounding circumstances.
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