Federal Court of Australia
3].
" Ke rrnttiee
CATCHWORDS
BANKRUPTCY - notice of intention to oppose creditor's petition - going behind judgment debt - no general rule for default judgments - lack of evidence to disprove existence of debt - no notice of dispute under s.41(5) of the Act - possibility of judgment debt being too high irrelevant.
Bankruptcy Act s.41(5)
Re: William Frederick Burgess & Anor. Ex parte: Octagon Enterprises Pty. Ltd.
Qld. P1347 of 1986
PINCUS J. BRISBANE 1 JUNE 1987
*
IN THE FEDERAL COURT OF AUSTRALIA ) GENERAL DIVISION
~
QLD P1347 of 1986
BANKRUPTCY DISTRICT OF THE SOUTHERN DISTRICT OF THE STATE OF QUEENSLAND
RE: WILLIAM FREDERICK BURGESS and GAIL MIGNION BURGESS
EX PARTE: OCTAGON ENTERPRISES PTY. LTD. (IN LIQUIDATION)
PINCUS J. 1 JUNE 1987
REASONS FOR JUDGMENT
This 1s a creditor's petition for a sequestration order
against the estates of William Frederick Burgess and his wife Gail
Mignion Burgess, based on a judgment debt. The judgment debtors have filed a notice of intention to oppose the petition on the
ground that this court should re-examine the existence of the debt
on which the judgment, given in the District Court, was founded.
The petitioning creditor is a company, Octagon Enterprises Pty. Ltd., formerly controlled by the debtors. Although no evidence was led directly on this point, the case was conducted on the assumption that the debtors were the sole shareholders. The company's business was not successful and on 5
November 1984 liquidators were appointed.
The company's accounts for the financial year ended 30 June 1983 showed amongst its current assets a_ shareholders' current account of $33,464.45; the shareholders in question were the judgment debtors. These company accounts were prepared by accountants, Messrs. Maynard Murtagh and Smith, on the instructions of the debtors, were initialled and signed as correct by the debtors, and were submitted to the Commissioner of Taxation as being the true and correct accounts of the company. The accounts were adopted by the debtors as shareholders at the annual general meeting of the company, while at a meeting of directors shortly before the general meeting they resolved that "All current Assets are likely to realise their value as shown in the Accounting Records of the Company inthe ordinary course of
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