Federal Court of Australia
CATCHWORDS
Bankruptcy ~ exercise of Court's discretion to dismiss or adjourn petition - default judgment obtained in Supreme Court against debtor for unpaid income tax and additional taxes - debtor earned ancome aS commissions for promoting tax avoidance schemes - stay of execution in Supreme Court upon terms that sum of $780,000.00 be applied in satisfaction of debts - properties of a company controlled by the debtor mortgaged to petitioning creditor - debtor defaulted on terms - stay partially lifted by Supreme Court - whether s.41(3)(b) prevented issue of bankruptcy notice - whether Supreme Court judgment obtained by false pretences - debtor being prosecuted under Crimes Act (Cth) - effect of close relationship between tax office and D.P.P. ~ whether amount of
tax debt overstated - effect of onus on debtor imposed by s.190(b) Income Tax Assessment Act - effect of payment of
commissions into trust account - effect of mortgages by debtor's
company to petitioning creditor - whether petition should be stood over until determination of criminal proceedings.
Bankruptcy Act 1966 ss.41(3)(b), 44(1).
Income Tax Assessment Act 1936 ss.19, 51, 167(b), 190(b).
L.0.C. Australia Pty. Ltd. v. Mobil Oil] Australia Ltd. (1975) 49 A.L.J.R. 176.
Trautwein v. Federal Commissioner of Taxation (1936) 56 C.L.R. 63.
Re Lewin; Ex parte Milner, Pincus J., unreported, 24 April, 1986.
Re Velis; Ex parte Seymour (1983) 48 A.L.R. 420.
Re Verma; Ex parte Deputy Commissioner of Taxation (1984) 4 F.C.R. 181, Full Court, unreported 22 February 1985.
McMahon v. Gould (1982) 7 A.C.L.R. 202. Ahern v. The Commissioner of Taxation, Ryan J., Supreme Court of Queensland, 17 April 1986.
Re O'Leary; Ex parte Bayne (1985) 61 A.L.R. 674.
RE: RICHARD LINDSAY GOLDSPINK; EX PARTE DEPUTY COMMISSIONER OF TAXATION
No. P1987 of 1985
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