Prestia, in the matter of Australia and New Zealand Banking Group Limited v Prestia [2001] FCA 792

FEDERAL COURT OF AUSTRALIA

Prestia, in the matter of Australia and New Zealand Banking Group Limited v Prestia [2001] FCA 792

BANKRUPTCY – whether bankruptcy proceedings in Federal Court should be dismissed pending proceedings in Supreme Court in which indebtedness is an issue – no triable issue as to indebtedness – pending proceeding in Supreme Court does not constitute "other sufficient cause" – no prejudicial effect on debtor's wife – no futility – inappropriate to dismiss petition because of prospective commercial opportunity – pendency of claim against a third party does not constitute "other sufficient cause" – sequestration order made WORDS & PHRASES – "other sufficient cause"

Ling v Enrobook Pty Ltd (1997) 74 FCR 19 referred to Sistrom v Urh (1992) 40 FCR 550 referred to Garcia v National Australia Bank Ltd (1998) 194 CLR 395 cited Vee H Aviation Pty Ltd v BP Australia Limited (1995) 58 FCR 73 cited Kostezky, ex parte Milder Elfman Szmerling Krycer Pty (1996) 67 FCR 101 cited In Re Betts (1897) 1 QB 50 cited Bankruptcy Act 1966 (Cth) s 47(1), 52(1)(a), (b), (c), 58(1) Federal Court Rules Order 77 rule 16(2)(b), rule 19(4) IN THE MATTER OF JOSEPH ANTHONY PRESTIA AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED v JOSEPH ANTHONY PRESTIA N 7667 OF 2000 HELY J 4 JULY 2001 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 7667 OF 2000

BETWEEN: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

APPLICANT

AND: JOSEPH ANTHONY PRESTIA

RESPONDENT

JUDGE: HELY J

DATE OF ORDER: 4 JULY 2001

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: 1. A sequestration order be made against the estate of Mr Prestia. 2. The petitioner's costs be taxed and paid in accordance with the Act. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.