Federal Court of Australia
CATCHWORDS CORPORATIONS - statutory demand - whether debtor corporation can rely upon claim against the creditor corporation for unliquidated damages as an "offsetting claim" where the debt the subject of the demand arose from the dishonour of a bill of exchange - meaning of "cross-demand" discussed - whether debtor corporation had in the circumstances a genuine claim against the creditor. BILLS OF EXCHANGE - Rule that unliquidated cross-claims can not be relied upon by way of extinguishing set-off against a claim on a bill of exchange discussed. Corporations Law: ss459A, 459B, 459C, 459E, 459H, 459P, 459S Bills of Exchange Act (1909) (Cth): s34(3) Nova (Jersey) Knit Ltd v Kammgarn Spinnerei GmbH [1977] 1 WLR 713; considered In re A Bankruptcy Notice [1934] 1 Ch 431; considered Re Brink; Ex parte The Commercial Banking Company of Sydney Ltd (1980) 44 FLR 135; considered JOHN SHEARER LIMITED and ARROWCREST GROUP PTY LTD v GEHL COMPANY
No SG54 of 1995 von Doussa, Hill & Tamberlin JJ Sydney (Heard in Adelaide) 22 December 1995
IN THE FEDERAL COURT OF AUSTRALIA ) ) SOUTH AUSTRALIA DISTRICT REGISTRY ) No SG 54 of 1995 ) GENERAL DIVISION )
ON APPEAL FROM A SINGLE JUDGE OF THE FEDERAL COURT OF AUSTRALIA BETWEEN: JOHN SHEARER LIMITED and ARROWCREST GROUP PTY LTD Appellants AND: GEHL COMPANY Respondent
CORAM: VON DOUSSA, HILL & TAMBERLIN JJ PLACE: SYDNEY (Heard in Adelaide) DATED: 22 DECEMBER 1995
MINUTES OF ORDER
THE COURT ORDERS THAT: 1. The appeal be dismissed.
THE COURT DIRECTS THAT: 2. The parties to file and serve upon each other written submissions relating to costs, both of the appeal and the hearing, within seven days of these reasons being delivered. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
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