Inspector General in Bankruptcy v Bradshaw [2005] FCA 424

FEDERAL COURT OF AUSTRALIA

Inspector‑General in Bankruptcy v Bradshaw [2005] FCA 424

BANKRUPTCY – where registered trustee and surety gave bonds pursuant to s 155 of the Bankruptcy Act 1966 (Cth) as in force in 1986 – where trustee breached the condition of his bond between 1993 and 1995 and surety revoked its bond in 1996 – Commonwealth called on the bonds in 2000 and 2002 – consideration of the nature of the bond requirement as a condition of registration as trustee – whether Commonwealth entitled to recover the full amount of the bond or only for compensable loss – whether the application should be dismissed for failure to quantify loss and damage – whether the application was statute barred – whether the revocation by the surety precluded liability from arising in respect of the trustee's failure to pay – appropriate relief in the circumstances Bankruptcy Act 1966 (Cth) ss 4, 12, 30, 155, 176 Judiciary Act 1903 (Cth) ss 39B(1A), 79 Federal Court of Australia Act 1976 (Cth) ss 19, 23 Limitation of Actions Act 1958 (Vic) s 5(3) Federal Court Rules 1996 (Cth) O 77, r 11 Bankruptcy Rules 1966 (Cth), r 61, Forms 29-30 Re Smith; ex parte Inspector-General in Bankruptcy and Brown [1996] FCA 1076 distinguished AMEV-UDC Finance Limited v Austin (1986) 162 CLR 170 discussed Schoenmakers v Director of Public Prosecutions (No 2) (1991) 31 FCR 429 applied Torrens Aloha Pty Ltd v Citibank NA (1997) 72 FCR 581 referred to Deane v The City Bank of Sydney (1918) 25 CLR 215 referred to Ogilvie v Adams [1981] VR 1041 referred to Skinner v Dayton (1817) 2 Johns Chan 526 referred to Commercial Bank of Australia Ltd v Cavanaugh (1980) ) 7 NTR 12 referred to Handevel Pty Ltd v Comptroller of Stamps (Vic) (1985) 157 CLR 177 cited Broad v Commissioner of Stamp Duties [1980] 2 NSWLR 40 cited Maddaford v De Vantee [1951] SASR 259 cited Geraldton Food Distributors Pty Ltd v Spencer [1985] WAR 261 discussed Dunlop Pneumatic Tyre Co Ltd v New Garage and Motor Co Ltd [1915] AC 79 referred to Lord Elphinstone v Monkland Iron and Coal Co Ltd (1886) 11 App Cas 332 referred to Golden Bay Realty Pte Ltd v Orchard Twelve Investments Pte Ltd [1991] WLR 981 cited Re Humphreys and Walter (1931) 3 ABC 254 cited Walton v Mascall (1844) 13 M & W 452; 153 ER 188 cited