Re Capel, Elwyn John; Ex Parte Caram Finance Australia Ltd (formerly called Marac Finance Australia Ltd [1998] FCA 372

FEDERAL COURT OF AUSTRALIA

BANKRUPTCY - Sequestration - ability to pay debts - whether alleged ability to borrow against other causes of action makes debtor solvent - whether sufficient validity in claims - whether real claims with any likelihood of success- debtor refusing to so borrow in any event BANKRUPTCY - Sequestration - Whether other sufficient cause to dismiss petition within meaning of s52 (2) (b) - whether claim against the creditor of sufficient validity to justify dismissal or adjournment of petition Bankruptcy Act 1966 (Cth) s 52(1) & (2) Trojan v Corporation of Hindmarsh (1987) 16 FCR 37 (Applied) Re Stubberfield; Ex parte Paradise Grove Pty Ltd (1995) 134 ALR 169 (Applied) Re James; Ex parte Carter Holt Harvey Roofing (Australia) Pty Ltd (No 2) (1994) 51 FCR 14(Applied) Re Schmidt; Ex parte Anglewood Pty Ltd (1968) 13 FLR 111 (Applied) Re Sarina; Ex parte Council of the Shire of Wollondilly (1980) 43 FLR 163 (Considered) Re Kostezky; Ex parte Milder Elfman Szmerling Krycer Pty Ltd (1996) 67 FCR 101(Applied) Sandell v Porter (1966) 115 CLR 666 (Applied) Cain v Whyte (1933) 48 CLR 639 (Applied)

RE ELWYN JOHN CAPEL (Debtor): Ex parte CARAM FINANCE AUSTRALIA LIMITED (FORMERLY CALLED MARAC FINANCE AUSTRALIA LIMITED) ACN 000 098 402 (Creditor) QG 7299 of 1997 FINN J BRISBANE 9 APRIL 1998

IN THE FEDERAL COURT OF AUSTRALIA

QUEENSLAND DISTRICT REGISTRY QG 7299 of 1997

re: ELWYN JOHN CAPEL

DEBTOR

EX PARTE: CARAM FINANCE AUSTRALIA LIMITED (Formerly called MARAC FINANCE AUSTRALIA LIMITED)

ACN 000 098 402

CREDITOR

JUDGE: FINN J

DATE OF ORDER: 9 APRIL 1998

WHERE MADE: BRISBANE

THE COURT ORDERS THAT: 1. The estate of the debtor be sequestrated. 2. The Petitioning Creditor's costs, including any reserved costs be taxed and paid in accordance with the Bankruptcy Act 1966. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.