Re Patsellis, Ignatio Ex Parte Australia & New Zealand Banking Group Ltd [1995] FCA 1146

IN THE FEDERAL COURT OF AUSTRALIA) GENERAL DIVISION ) BANKRUPTCY DISTRICT OF THE ) No. NP 1791 of 1995 STATE OF NEW SOUTH WALES ) RE: IGNATIO PATSELLIS Debtor EX PARTE: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED Creditor

5 DECEMBER 1995

REASONS FOR JUDGMENT LOCKHART J. This is a petition for sequestration of the estate of Ignatio Patsellis. The petitioning creditor is Australia and New Zealand Banking Group Limited. It claims to be a creditor of the debtor in the sum of approximately $270,000. That is a rounded-off figure which has been accepted in argument by the legal representatives of the parties to be the figure on which the Court is entitled to adjudicate. The debt of the debtor to the petitioning creditor has arisen out of accommodation provided by the petitioning creditor to the debtor and his wife. She is not a party to this proceeding. The petition as originally filed asserts in paragraph 3 that the petitioning creditor does not, nor does any person on its behalf, hold any security over the property of the debtor, or any part of it, for the payment of the amount due to the petitioning creditor. That paragraph is erroneous, and there is evidence explaining fully how the error occurred which I accept. Today the petitioning creditor seeks to amend paragraph 3 of the petition so that it reads as follows: 'The said company holds security for the amount claimed in paragraph 2 by way of two registered mortgages numbered V644215 and V644216 over the property of the debtor in the land and improvements contained in Folio Identifier 173/709553 and known as 3 Valda Street, Bexley ("the Property"). The value of these securities is estimated to be $170,000 being the value of the debtor's half interest in the Property and the said company is deemed to be an unsecured creditor for the balance of the sum claimed in paragraph 2, being $99,638.73.'