Federal Court of Australia
CATCHWORDS Bankruptcy - Avoidance of transactions - application by
trustee to have options to purchase granted by the bankrupt
to his wife in respect of his interest in properties declared
void pursuant to ss. 120 and 121 of the Act - whether the
dispositions were made with an intent to defraud creditors - °
whether the wife was a purchaser for "valuable consideration"
within the meaning of s. 120(1)(a).
Bankruptcy Act 1966: ss. 5; 11g; 120; 121
Re: James Louis Florance Ex Parte: William Edward Andrew
N.S.W. No 95 of 1980 _~
Sweeney J
Melbourne
22 December 1983
IN THE FEDERAL COURT OF AUSTRALIA ) GENERAL DIVISION )
BANKRUPTCY DISTRICT OF THE STATE ) N.S.W. No. 95 of 1980. OF NEW SOUTH WALES AND THE )
AUSTRALIAN CAPITAL TERRITORY )
Re: JAMES LOUIS FLORANCE The Bankrupt
Ex Parte: WILLIAM EDWARD ANDREW
Applicant JAMES LOUIS FLORANCE First Respondent JEAN MARGARET FLORANCE
Second Respondent
ORDER
JUDGE MAKING ORDER: Sweeney J
WHERE MADE: Melbourne DATE OF ORDER: 22 December 1983 THE COURT:
l. declares that the option to purchase purported
to be given by the first respondent to the second respondent dated 28 March 1977 wherein the first respondent purported to grant to the second respondent or her nominee for the consideration of $10.00 an option to purchase from the first
respondent the property therein described as "Lot
49, 50, 55, 73, 81, 114, 63, 66, 115, 154, 157, Pt
Por 95 D.P. 342587, D.P. 242, Parish of Canobolas whole of the interest of James Louis Florance in 'Greenwood' and 'Boronia'" for the sum of $69,400.00 on certain terms and conditions, including a condition that the option may be exercised by the second respondent by notice in writing addressed to the first respondent at any time within 5 years from the date of the option to purchase constituted a settlement of property by the bankrupt on the second respondent within the meaning of s. 120 of the Act and as such was and remains void as against the applicant, as trustee
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