Victorian Supreme Court confirms that an application to set aside a statutory demand can be served electronically, and the Court’s evaluation of a genuine dispute concerns the establishment of a genuine level of claim, and not the likely result of the claim.
Background
This week’s TGIF considers the circumstances in which a resolution passed at a creditor’s meeting will be set aside on the basis that it is contrary to the interests of creditors as a whole.
Background
BACKGROUND
A bank loaned over $8,000,000 to Areaworks Pty Ltd for a property development in Victoria. Adrian Liddell (Liddell) provided a guarantee of the debt. Subsequent to default under the facility, the bank sold the secured property and commenced debt recovery proceedings against Liddell for the shortfall of over $700,000 owing to it.
A sequestration order was subsequently made against Liddell upon the presentation by Liddell of a debtor’s petition, with admitted debts in his bankruptcy totalling $3,303,078.
Background
In Re CMI Industrial Pty Ltd (in liq); Byrne & Ors v CMI Limited [2015] QSC 96, liquidators sought directions as to whether they were required to pay trading profits made by the receivers to priority creditors under s433 of the Corporations Act.
BACKGROUND
A fruit and vegetable supplier supplied the defendants’ company with fruit and vegetables over a number of years. The defendants, who were brothers, were the directors of the company to whom the fruit and vegetables were supplied.
The company fell behind in its payments to the fruit and vegetable supplier. A guarantee was provided by the brothers in order to secure the payment of debts owed by their company and ensure further supply.
BACKGROUND
Westnet concerned an application under section 511 of the Corporations Act 2001 by a liquidator in a members’ voluntary winding-up, involving 10 related companies.
In underlying facts described by the Court as “very odd”, the court was asked to determine two questions:
BACKGROUND
Stephanie Roebuck As Executor Of The Deceased Estate Of Suzanne Florence Bulwinkel (Roebuck) served Bulwinkel Enterprises Pty Ltd (Bulwinkel) with a statutory demand for the payment of $990,377.63 monies owing in connection with an unpaid trust distribution and loan between the parties.
BACKGROUND
WHAT HAPPENED?
On 4 February 2013, Stansfield DIY Wealth Pty Ltd (in liquidation) was wound up, and a liquidator was appointed. At that time, the only function of the company was acting as trustee of a self-managed superannuation fund. It had no assets or liabilities, save in its capacity as trustee of the super fund.
Background
Coin Co International PLC (Administrators Appointed) (Coin Co) was a company incorporated in the UK which conducted a cash services business in the UK and a global currency exchange business in various countries, including Australia.