Federal Court of Australia
JUDGMENT No. lO. dis nL Zou IN THE FEDERAL COURT OF AUSTRALIA
) ) VICTORIA DISTRICT REGISTRY ) No VG 3266 of 1992 ) GENERAL DIVISION )
BETWEEN: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
(Applicant) AND: TWO AUSTRALIA LIMITED (Respondent ) Coram: Ryan J Place: Melbourne Date: 8 September 1992
EX TEMPORE REASONS FOR JUDGMENT
Ryan J: The applicant in this matter on 23 July 1992 served on the respondent a notice under s.460 of the Corporations Law which
contained the following recitals:
"WHEREAS AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED {A.C.N. 005 357 522) having its head office at 55 Collins Street, Melbourne ("the Bank"), did provide banking accommodation and facilities ("the Facilities") from time to time to TOURIST INFORMATION CHANNEL PTY LTD A.C.N. 006 869 923 ("TIC");
AND WHEREAS you have from time to time, both verbally and in writing, undertaken to make payment to the Bank, on demand, of the Facilities provided and owing by TIC;
AND WHEREAS you have made payment of certain sums on account of the facilities leaving a balance owing in respect of the facilities;
AND WHEREAS the Bank did, on 3 April 1992 demand from you repayment of the balance of the Facilities and you have failed to comply with such demand;
AND _ WHEREAS the amount owing by you to the Bank in respect of the balance of the Facilities as at close of business on 24 June 1992 is $57,804.56 and which amount is still owing..."
The notice then proceeds to demand the sum of $57,804.56 plus
interest at $27.25 per day from 25 June 1992 to the date of
-2- payment and indicates that, unless the amount is paid, secured or compounded to the reasonable satisfaction of the Bank, the respondent will be deemed to be unable to pay its debts and proceedings will be instituted against it for its winding up in
terms of s.460(1) of the Corporations Law. The respondent disputes that any debt is due to the applicant, contending that the debt has at all times been owed by a related company, Tourist
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