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How does the Personal Property Securities Act 2009 (Cth) distinguish between assets subject to a circulating security interest and a non-circulating security interest? Further, how

How does the Personal Property Securities Act 2009 (Cth) distinguish between assets subject to a circulating security interest and a non-circulating security interest? Further, how is the position different at common law? What is the policy rationale for granting employees of insolvent entities who have unpaid employee entitlements priority over assets subject to a circulating security interest but not those subject to a non-circulating security interest

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