Re McDougall, Stuart Stanley; Ex Parte Policy Nominees Pty Ltd & Martin Alan Thomas v McDougall, Stuart Stanley & Anor [1997] FCA 197

CATCHWORDS

BANKRUPTCY - Deed of arrangement - compliance with Part X of Bankruptcy Act 1966 - whether report of Trustee stated whether or not arrangement in best interests of creditors - whether report of Trustee set out all relevant information - whether deed of arrangement complied with debtor's proposal - whether deed of arrangement in reality a composition - whether release contingent upon either an action of the Trustee or a resolution of a subsequent meeting of creditors - whether release repugnant to s 234 - severability - whether debtor omitted material particulars from statement of affairs - exercise of discretion - relevant considerations - relevance of fact that creditors had voted against their commercial interests.

Bankruptcy Act 1966 s 6B(2)(a), s 120 - 125, s 122, s 133 - 139H, s 187, s 188, s 188(2)(c)(ii), s 189A, s 189A(2)(b), s 189A(3) s 190(2)(b), s 204, s 204(2), s 222(1) ‑ (5), s 222(7), s 231(2), s 234, s 234(1), s 236(1)(c), s 237A, s 237(2), s 240, s 249(3), Part X Bankruptcy rules r 78(2)(d)(vi)

In Re Burlock; Burlock v Deputy Commissioner of Taxation (1994) 49 FCR 522 Gee v Schmutter (1971) 123 CLR 503 Re Marshall; Marshall v Marshall & Luckins (1973) 2 ALR 172 Re Clonan (1963) 20 ABC 245 In re Vizard's Trusts [1866] LR 1 Ch App 588 De Serre v Clarke [1874] LR 18 Eq 587 Sweetapple v Horlock [1879] 11 Ch D 745 Re Morris; Ex parte Adams (1980) 48 FLR 341 Khera v National Australia Bank Ltd (1996) 141 ALR 416 Augustyn v Putnin (1988) 83 ALR 514

No 250A OF 1995X RE: STUART STANLEY McDOUGALL; EX PARTE POLICY NOMINEES PTY LTD AND MARTIN ALAN THOMAS CORAM: GOLDBERG J PLACE: MELBOURNE DATE: 27 MARCH 1997

FEDERAL COURT OF AUSTRALIA ) BANKRUPTCY DISTRICT REGISTRY ) OF THE STATE OF VICTORIA ) No 250A of 1995X RE: STUART STANLEY McDOUGALL Debtor EX PARTE: POLICY NOMINEES PTY LTD (ACN 008 803 781) (Provisional Liquidator Appointed) and MARTIN ALAN THOMAS Applicants AND: STUART STANLEY McDOUGALL and DAVID ANTHONY BRADSHAW Respondents CORAM: GOLDBERG J PLACE: MELBOURNE DATE: 27 MARCH 1997 MINUTES OF ORDER THE COURT ORDERS THAT: 1. The application by the applicants dated 31 July 1996 is dismissed. 2. The applicants pay to the respondents their costs of the application. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court rules