Westpac Banking Corporation v Tsatsoulis [2003] FCA 406

FEDERAL COURT OF AUSTRALIA

Westpac Banking Corporation v Tsatsoulis [2003] FCA 406 BANKRUPTCY – hearing of creditor's petition – application to file amended notice to oppose petition - application for adjournment by respondent – whether Court should exercise discretion to grant adjournment – uncertainty as to outcome if adjournment granted – debt outstanding for considerable time – insolvency not likely to be of short duration on any outcome

Bankruptcy Act 1966 (Cth) Part X, s 52 Supreme Court Rules (NSW) Part 52A rule 43 Federal Court Rules O 77 r 19

Ling v Enrobook Pty Ltd (1997) 74 FCR 19 applied Field v Commercial Banking Company of Sydney Ltd (1978) 37 FLR 341 cited WESTPAC BANKING CORPORATION v MARY TSATSOULIS AND GEORGE TSATSOULIS N 7250 of 2002 BRANSON J 5 MAY 2003 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY N 7250 of 2002

BETWEEN: WESTPAC BANKING CORPORATION

APPLICANT

AND: MARY TSATSOULIS

FIRST RESPONDENT

GEORGE TSATSOULIS

SECOND RESPONDENT

JUDGE: BRANSON J

DATE OF ORDER: 30 APRIL 2003

WHERE MADE: SYDNEY

THE COURT ORDERS THAT: 1. A sequestration order be made against the estate of Mary Tsatsoulis. 2. The applicant creditor's costs (including reserved costs) in respect of order 1 to be taxed and paid from the estate of Mary Tsatsoulis in accordance with the Bankruptcy Act 1966 (Cth). 3. A sequestration order be made against the estate of George Tsatsoulis. 4. The applicant creditor's costs (including reserved costs) in respect of order 3 to be taxed and paid from the estate of George Tsatsoulis in accordance with the Bankruptcy Act 1966 (Cth). 5. Pursuant to s 52(3) of the Bankruptcy Act 1966 all proceedings under the above sequestration orders be stayed for a period of ten days from today's date. THE COURT NOTES THAT: Mr Maxwell Prentice has signed a consent to act as trustee dated 12 August 2002 in respect of the estate of each of Mary Tsatsoulis and George Tsatsoulis.