Cooper, E. & Ors v First National Finance Ltd [1986] FCA 667

"Cé7

IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISTON BANKRUPTCY DISTRICT OF THE

STATE OF VICTORIA

lA

EX PARTE:

Coram: Ryan J.

Date: 17 December 1986

(FOR LIMITED DISTRIBUTION)

No.

EDWARD COOPER, SHIRLEY GLADYS COOPER, KYM PAMELA COOPER, CRAIG HENRY COOPER and ALAN EDWARD COOPER

FIRST NATIONAL FINANCE LIMITED (formerly CHASE

NBA FINANCE LIMITED)

" REASONS FOR JUDGMENT

The debtors have sought an adjournment of this petition

for a sequestration order

Edward Cooper, Shirley Gladys

Craig Henry Cooper

collectively called "the debtors").

support of the petition are

indebted to the petitioner,

("First National") in the sum

First

against the

Cooper, Kym Pamela

and Allan Edward

that each

of $1,183,470

National Finance

estates of each of

Cooper,

Cooper (hereinafter

The grounds relied on in

of the debtors is

Limited

for xy

1 O.8PR 1987

FEDEMAL COURT OF AUSTRALIA

2 FAINCIPA! | REGISTAY

soy

ES tet

under a guarantee, ror which judgment was obtained in the Supreme Court of Victoria on 17 July 1385, and that each of the debtors has fa1led to comply with the requirements of a

ral

bankruptcy notice. The guarante2 on which each of the

debtors became liable to First National was of performance by Moowinnybah Pastoral Co. Pty. Ltd. i"Moowinnybah") of its obligations under a mortgage granted to First National over

certain land at Labertouche ("Binalong") to secure repayment

by Moow1rnnybah of an advance of $1,200,000.

As I have already recounted in a judgment on 16 December 1986 given ina related matter (Labertouche Sands

Pty. Ltd. v. Moowinnybah Pastoral Co, Ftv. Ltd. VG 31 of

1385) Moowinnybah, had by an agreement dated 1 March 15984,

granted to Labertouche Sands Fty. itd. a licence to extract

sand from a certain part of ""Binalong" for a term from 1 March 1984 to 29 dune 1988. In the related matter, Labertouche Sands Pty. Ltd. has sought damages from Moowinnybah for contravention of 55.52 or 53A of the Trade