Equuscorp Pty Ltd v Perpetual Trustees WA Ltd [1997] FCA 468

CATCHWORDS CORPORATIONS - application to set aside statutory demand - excessive volume of affidavit material and length of hearing - letter of credit issued by applicant for repayment of investors in film - charge in favour of applicant for repayment of funds borrowed by investors - whether offsetting claim - whether quantum of offsetting claim to be calculated at time of hearing - whether variation of demand appropriate - fixing time for compliance - whether general evidence of insolvency receivable Corporations Law s.459F(2), s 459H(1)-(2) and s 459H(4)-(5) General Steel Industries Inc v Commissioner for Railways (NSW) (1964) 112 CLR 125 John Shearer Ltd v Gehl (1996) 18 ACSR 780 Mibor Investments Pty Ltd v Commonwealth Bank of Australia [1994] 2 VR 290 Portrait Express (Sales) Pty Ltd v Kodak (Australasian) Pty Ltd (1996) 14 ACLC 1095 Equuscorp Pty Ltd v Perpetual Trustees WA Limited (No. VG 3415 of 1996 Judge: Heerey J Date: 12 May 1997 Place: Melbourne

IN THE FEDERAL COURT OF AUSTRALIA VICTORIA DISTRICT REGISTRY No. VG 3415 of 1996 GENERAL DIVISION B E T W E E N: EQUUSCORP PTY LTD (formerly EQUUS FINANCIAL SERVICES LTD) (ACN 006 012 344) Applicant - and - PERPETUAL TRUSTEES WA LIMITED (ACN 004 431 827) Respondent JUDGE: Heerey J DATE: 12 May 1997 PLACE: Melbourne MINUTES OF ORDER The Court orders that: 1. The statutory demand by the respondent served on the applicant on 18 July 1996 be varied by (a) Deleting from para 1 therein the figure $5,008,760 and substituting the figure $943,765. (b) Adding to the Particulars of Debt: Less offsetting claim $4,064,994.74 Balance due $943,765.00 2. The period for compliance with the said demand be extended to 2 June 1997. 3. The question of costs be reserved with each party having liberty to apply by filing written submissions within seven days. NOTE: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules