Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Picone v Velos [2007] FCA 1183 BANKRUPTCY – solvency – set-off – Magistrate did not accept appellant's statement of assets or existence of set-off COSTS – indemnity costs – unsupported allegations of perjury – whether appropriate to make against bankrupt Held: Appeal dismissed. Not appropriate to award indemnity costs where effect would be to dilute assets available to other creditors McIntosh v Shashoua (1931) 46 CLR 494, applied Sandell v Porter (1966) 115 CLR 666, applied Bankruptcy Regulations 1996 (Cth), reg 16.01 Bankruptcy Act 1966 (Cth), ss 40(1)(g), 109 ALFIO PICONE v BILL VELOS AND PETER DAVIS PREVIOUSLY TRADING AS VELOS & DAVIS (A FIRM) VID 151 OF 2007
SUNDBERG J
10 AUGUST 2007
MELBOURNE IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VID 151 OF 2007
ON APPEAL FROM THE FEDERAL MAGISTRATES COURT OF AUSTRALIA
BETWEEN: ALFIO PICONE
Appellant
AND: BILL VELOS AND PETER DAVIS PREVIOUSLY TRADING AS VELOS & DAVIS (A FIRM)
Respondent
JUDGE: SUNDBERG J
DATE OF ORDER: 10 AUGUST 2007
WHERE MADE: MELBOURNE
THE COURT ORDERS THAT:
1. The appellant have leave to appeal. 2. The respondents' motion, notice of which was filed on 28 June 2007, be dismissed. 3. The appeal be dismissed. 4. The appellant pay the respondents' costs of and incidental to the appeal and the motion. 5. The costs of the motion and the appeal be paid out of the appellant's bankrupt estate with priority under s 109 of the Bankruptcy Act 1966 (Cth) as if a sequestration order had been made on the hearing. Note: Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.
IN THE FEDERAL COURT OF AUSTRALIA
VICTORIA DISTRICT REGISTRY VID 151 OF 2007
ON APPEAL FROM THE FEDERAL MAGISTRATES COURT OF AUSTRALIA
BETWEEN: ALFIO PICONE
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