Chase Manhattan Bank Australia Ltd v Oscty Pty Ltd [1995] FCA 255

CATCHWORDS

CORPORATIONS - winding up - application to set aside statutory demand - whether offsetting claim - requirement that Court be "satisfied" of existence of a "genuine" claim by way of counter claim, set-off or cross-demand - creditor serving demand, as mortgagee entering into put-and-call option in respect of mortgaged properties - whether company has a claim before put option or call option is exercised - necessity for offsetting claim to be quantifiable in money terms - whether Court has power to extend time allowed for making of application to set aside - whether "defect" in statutory demand - statutory demand relating to two or more debts - whether statutory demand must specify the separate debts and the amounts of them - whether "substantial injustice" caused if statutory demand not set aside. Corporations Law ss 459E, 459H and 459J. Johnson v AGC (Advances) Limited (unreported, Lockhart J, 21 May 1992). Scanhill Pty Ltd v Century 21 Australasia Pty Ltd (1993) 12 ACSR 341. Rohalo Pharmaceuticals Pty Ltd v R P Scherer SpA (1994) 15 ACSR 347. CHASE MANHATTAN BANK AUSTRALIA LIMITED v OSCTY PTY LIMITED No NG 3582 of 1994 Lindgren J Sydney 19 April 1995

IN THE FEDERAL COURT OF AUSTRALIA) NEW SOUTH WALES DISTRICT REGISTRY) No NG 3582 of 1994 GENERAL DIVISION )

IN THE MATTER OF: OSCTY PTY LIMITED AUSTRALIAN COMPANY NUMBER: 008 574 838

BETWEEN: CHASE MANHATTAN BANK AUSTRALIA LIMITED (ACN 001 531 586) Applicant AND: OSCTY PTY LIMITED Respondent CORAM: Lindgren J PLACE: Sydney DATE: 19 April 1995

MINUTE OF ORDERS THE COURT: 1. Orders that the respondent's motion brought by notice of motion filed on 24 March 1995 be dismissed. 2. Orders that the respondent pay the applicant's costs of the motion. 3. Directs that the proceedings be listed at 2.00 pm on Thursday 20 April 1995 for the making of consequential orders.