Re Wallace, John Vincent Ex Parte Trade Credits Ltd [1983] FCA 62

f Re guoluig

IN THE FEDERAL COURT OF AUSTRALIA) a )

NEW SOUTH WALES DISTRICT REGISTRY) No. B 3814 of 1982 )

BANKRUPTCY DIVISION )

, IN THE MATTER OF THE BANKRUPTCY ACT, 1966

RE: JOHN VINCENT WALLACE

(Applicant)

EX PARTE: TRADE CREDITS LIMITED

(Respondent) Judge Making Order: Smithers J. Date of Order: 8 April 1983 Where Made: Sydney. ORDER THE COURT ORDERS THAT: 1. The application be dismissed. 2. The applicant pay the respondent's costs of the

application.

IN tHE FEDERAL COURT OF AUSTRALIA

) ) NEW SOUTH WALES DISTRICT REGISTRY ) No. B 3814 of 1982 ) )

BANKRUPTCY DIVISION

IN THE MATTER OF THE BANKRUPTCY ACT, 1966

RE: JOHN VINCENT WALLACE (Applicant)

EX PARTE: TRADE CREDITS LIMITED

(Respondent)

Coram: Smithers J.

8 April 1983

REASONS FOR JUDGMENT

In these proceedings the applicant, a debtor, has applied to the Court for an order setting aside a Bankruptcy Notice served upon him by the respondent, or alternatively

staying the operation of the Notice.

On 31 December 1981 pursuant to a loan agreement between World Cup Rodeo Pty. Ltd. as borrower; the respondent as lender and mortgagee; and the debtor, Cecil Ian Haining and

Fay Enid Haining as guarantors and Nickolas Marioulas and

Sophia Marioulas as guarantors the said Nickolas Marioulas and Sophia Marioulas entered into a mortgage to secure repayment to the respondent of the sum of $550,000.00 lent by the respondent to World Cup Rodeo Pty. Ltd. The money was borrowed to finance a business venture by World Cup Rodeo Pty.

Ltd., namely the staging of the World Cup Rodeo in Melbourne

and Sydney. Pursuant to the loan agreement the respondent took the mortgage security over three properties owned by the

mortgagors known as "Abbotsford", "Linley Point" and "Ryde".

The business venture was not successful and by early 1982 World Cup Rodeo Pty. Ltd. was in default in repayment of