Supreme Court dismissed appeal; debtor paid supplier's claim using proceeds from selling assets to a third party.

The Supreme Court dismissed the appeal regarding the validity of a payment made under the Insolvency Act. The debtor sold all exchange and operating assets to a third party and used the proceeds to pay off an expired claim owed to a supplier. The supplier had simultaneously lent the purchasing company an equivalent sum on the same day. The court ruled that the payment was valid because the debtor had no right to the funds at the time of the debt's expiration, and the subsequent transfer to the supplier did not constitute a valid discharge of the original obligation.