Cosco v Tsatsoulis (in the matter of Tsatsoulis) [2002] FCA 358

FEDERAL COURT OF AUSTRALIA

Cosco v Tsatsoulis (in the matter of Tsatsoulis) [2002] FCA 358

BANKRUPTCY – bankruptcy notice – notice based on judgment in District Court of New South Wales – prescribed form of bankruptcy notice required statement of provision under which interest claimed – bankruptcy notice asserted that entitlement to interest was derived from s 83A District Court Act 1973 (NSW) – entitlement was in fact derived from s 85 District Court Act 1973 (NSW) – rate of interest correctly stated in bankruptcy notice – whether error was a failure to meet a requirement made essential by the Bankruptcy Act 1966 (Cth) BANKRUPTCY – creditors petition – petition founded on non-compliance with bankruptcy notice – application to oppose creditors petition – debtors sought to dismiss petition under s 52(2)(b) of the Bankruptcy Act 1966 (Cth) alleging debtors had no assets of any value and oppression on the part of the creditors – whether debtors satisfied Court that for "other sufficient cause" a sequestration order ought not to be made District Court Act 1973 (NSW) s 83A, 85 Bankruptcy Act 1966 (Cth) s 52(1), 52(2)(b)

Radich v Bank of New Zealand (1993) 45 FCR 101 referred to Cain v Whyte (1933) 48 CLR 639 applied Ling v Enrobook Pty Ltd (1997) 74 FCR 19 referred to The Australian Steel Company (Operations) Pty Ltd v Lewis (2000) 109 FCR 33 followed Kleinwort Benson Australia Limited v Crowl (1988) 165 CLR 71 considered JOHN NICCOLO COSCO, KAY VIOLET COSCO AND TRIGAMIST HOLDINGS PTY LIMITED v GEORGE TSATSOULIS AND MARY TSATSOULIS (IN THE MATTER OF GEORGE TSATSOULIS) N 7536 OF 2001 HELY J 28 MARCH 2002 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 7536 OF 2001

BETWEEN: JOHN NICCOLO COSCO, KAY VIOLET COSCO AND TRIGAMIST HOLDINGS PTY LIMITED

APPLICANTS