Federal Court of Australia
CATCHWORDS
BANKRUPTCY - application to set aside composition - composition resulting in one cent in the dollar to creditors - insufficient explanation of disappearance of assets earlier stated to exist - composition set aside - sequestration order
against estate of debtor
Bankruptcy Act 1966 ss.239(1), (2)
Re: Doukidis Ex parte: Consolidated Constructions Pty Ltd (unreported 26 June 1985, Toohey J.)
Re: PETER LEIGH RICHARDS Ex Parte; BENEFICIAL FINANCE CORPORATION LIMITED, No. 225 of 1985X
Jackson J. 17th March 1986 MELBOURNE
IN THE FEDERAL COURT OF AUSTRALIA
GENERAL DIVISION
BANKRUPTCY DISTRICT OF THE STATE OF No. 225 of 1985 x
eee eS
VICTORIA . RE: PETER LEIGH RICHARDS Judgment Debtor EX PARTE: BENEFICIAL FINANCE CORPORATION LIMITED Judgment Creditor CORAM: JACKSON J. DATE: 17th March 1986 PLACE: MELBOURNE
MINUTES OF ORDER
THE COURT ORDERS THAT:
1. The composition accepted by creditors on 5 December 1985 in respect of the debtor be set aside pursuant to the provisions of rule - s.239(2) of the Bankruptcy Act 1966.
2. A sequestration order be made against the estate of the debtor.
3. The costs of the applicant of and incidental to these proceedings be taxed and paid in accordance with the Act.
Note: Settlement and entry of orders is dealt with in Rule 124 of the Bankruptcy Rules.
IN THE FEDERAL COURT OF AUSTRALIA
GENERAL DIVISION
BANKRUPTCY DISTRICT OF THE STATE OF No. 225 of 1985x
VICTORIA RE: PETER LEIGH RICHARDS Judgment Debtor EX PARTE: BENEFICIAL FINANCE CORPORATION LIMITED Judgment Creditor CORAM: JACKSON J. DATE: 17th March 1986 PLACE: MELBOURNE
REASONS FOR JUDGMENT
The applicant seeks an order under s.239(1) of the Bankruptcy Act 1966 setting aside a composition accepted by the creditors of Peter Leigh Richards ("the debtor")at a
meeting of creditors which occurred on 5th December 1985.
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