Well the AHUG debt is secured but you're right that the mezzanine ranks higher. A receiver has to act for all secured debt holders so it's different to Allco where AFGHA holders are not represented by the receivers.
AS FOR MUTUAL CREDIT AND SET-OFF:
http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s553c.html
This basically says that you have to offset the mutual amounts owed and only the balance is admissible to proof against the company. Therefore it's only the balance that the receiver could claim from Alleasing.
I'm far from an expert but it's exciting to know that there may be reason for Allco receivers not to screw us.
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