Cross, Re J.M. [1988] FCA 298

NUDGMENT No. 2287-33

IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISION

) LIMITED DISTRIBUTION BANKRUPTCY DISTRICT )

)

)

OF THE STATE OF

WESTERN AUSTRALIA NO. 81 of 1986

RE: JOHN MICHAEL CROSS Bankrupt EX PARTE: JOHN MICHAEL CROSS Applicant MINUTE OF ORDER

JUDGE MAKING ORDER: FRENCH J. DATE OF ORDER: 15 June 1988 WHERE MADE: PERTH

THE COURT ORDERS THAT:

1. The composition proposed by the applicant and accepted by a meeting of his creditors held on 11 December 1987

is approved. 2. The applicant's bankruptcy be annulled.

Note: Settlement and entry of orders is dealt with in

Rule 124 of the Bankruptcy Rules.

17 TOOIVYED en a ase

24 SUS FeueF AL COURT OF

PoTPALIA

bg ePAL ReCiolAY

IN THE FEDERAL COURT OF AUSTRALIA GENERAL DIVISION BANKRUPTCY DISTRICT OF THE STATE OF WESTERN AUSTRALIA

LIMITED DISTRIBUTION

eed

No. 81 of 1986

RE: JOHN MICHAEL CROSS Bankrupt

EX PARTE: JOHN MICHAEL CROSS

Applicant

CORAM: FRENCH J. 15 June 1988

REASONS FOR JUDGMENT

On 12 February 1986 John Michael Cross became a bankrupt on his own petition. His statement of affairs disclosed assets of $30,000 by way of a book debt, since found to be irrecoverable. His disclosed liabilities totalled $199,650. However, six creditors not shown on the statement have lodged claims amounting to $34,753. Altogether 15 proofs of debt totalling $108,577 have been received and admitted. Nine known creditors who have not lodged proofs are owed $160,718. There have been no realisations and there are no unrealised assets. On 11 December 1987 a general meeting of creditors passed a special resolution accepting a proposal for a composition under which the bankrupt would pay to the Official Trustee $50,000 to be raised by loan from his prospective employer. That sum has now been paid to the Trustee and is held in his common investment fund. The bankrupt applies to the Court for approval of the composition and annulment of the