) SENERAL DIVISION ) BANKPUPTCY DISTPICT GF THE STATE OF ) No. 194 of 1985 ) VICTOPTA ) ) PE: ALAN TERENCE TRIPP A Bankrupt EX PAPTE: JOHN CRAVEN BARNE Trustee TOPAM: TACKSON J. DATE: S FEBRUARY 1986 FLACE:; MELBOURNE MINUTES OF ORDER The Ccurt trders That: 1, The truste2 is granted leave to sell Ly private contract the ipceres* of che bankrupt in the property situated at and known as 157 Praincas Street, Flemington in the Scate of Victaria and being tne land descrined in Certificate of Title Volume 7549 Foiio 622 for the price of $12,000.00 on terms that the purchaser assume liability for all existing encumbrances affecting the said property and indemnify the trustee and the esrate of the bankrupt against any ciaim that may be made by Wiestrac Banking Corporation Limited as second mortgagee ard further that there be no adjustment for rates or other outdoings at settlement with the purchaser assuming full responsibility for payment of any amounts outstanding. 2. The aprlicant's costs are to be taxed and paid out of the estate. NOTE: Settlement and entry of orders is dealt with in Pule 124 of the Bankruptcy Rules. -2— Re thé fimé when the bankrupt was madé bankrupt, namély on 2ist March, 1985, he and Catherine Marie Tripp were registered as proprietors as joint tenants of the property and the land has at all material times been subject to two registered mortgages. The first mortgage is to Pyramid Building Society, the amount secured by the mortgage as at 3lst December 1985 being $38,906.88. The second mortgage is in favour of Westpac Banking Corporation and the amount presently outstanding is approximately $37,500.00. The value of the land is approximately $90,000. There is some dispute as to the enforceability of the debt to the Bank because there is a contention that the debt is for money advanced for the purposes of carrying on an illegal business, namely that of a starting price bookmaker and that the debt is not provable. The Bank disputes that contention and the trustee has been advised that his prospects of success on that contention, if it should come to litigation, are minimal. The family of Catherine Marie Tripp has made an offer to the trustee to purchase the bankrupt's interest in the land for $12,000.00, upon the following terms:- (a) payment of a deposit of 10% of the purchase price on signing contracts with the balance due following approval of the sale; -4~- I order that the costs of the trustee of and incidental to this application be taxed and paid from the estate of the bankrupt. I certify that this and the Mace (3) preceding pages are a true copy of the Reasons for Judgment herein of his Honour Mr Justice Jackson. Associate: Wiithanckewlites Date: #@.2 6