Re Corstorphan, B.D. v. Ex parte Marac Finance Australia Ltd [1988] FCA 146

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JUDGMENT No.l 4+O7 8%.

IN THE FEDERAL COURT OF AUSTRALIA ) ) QLD E3 of 1984

GENERAL DIVISTON

BANKRUPTCY DISTRICT OF THE SOUTHERN ) DISTRICT OF THE STATE OF QUEENSLAND )

RE: BRUCE DAVID CORSTORPHAN EX PARTE: MARAC FINANCE AUSTRALTA LIMITED Parcel

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SPENDER J. ic, $239 24 - SY tee Lo a ~* "-\ = ote 5 Joy BRISBANE a a £} 4 pee uy ™ " as f 5 February 1988 a ey ee mae Og EXTEMPORE REASONS FOR JUDGMENT It is desirable that I give my reasons for my decision in this application today. Marac Finance Australia Limited ("Marac Finance") decision of Stephen Raymond Eleftheriou, the

challenges the for and on behalf of the Official Trustee

Official Receiver, who, in Bankruptcy, on 23 April 1987 rejected the proof of debt lodged

of Bruce David Corstorphan, who

on 5 January

the

by Marac Finance in the estate

bankrupt on his own petition presented

was made in Bankruptcy is the trustee of

1984. The Official Trustee estate of Mr. Corstorphan pursuant to his bankruptcy.

Mr. Corstorphan, whom I shall refer to as the bankrupt,

with one Gail Westhoff, borrowed moneys from Marac Finance and in

consideration of those loans, the bankrupt and Miss Westhoff,

jointly and severally agreed to repay the moneys advanced and also executed various loan and security documents to secure the moneys that had been advanced. Those documents included a deed of loan, a bill of mortgage, a bill of sale in respect of certain

vending machines, and an equitable charge.

On 27 February 1984, shortly after the bankruptcy of Mr. Corstorphan, a written agreement was entered into between Marac Finance and Miss Westhoff, and it is the effect of this document, whether modified by external circumstances or otherwise, with which this application is primarily concerned. The document is a