ICM Agriculture Pty Limited v Young [2009] FCA 1169

FEDERAL COURT OF AUSTRALIA

ICM Agriculture Pty Limited v Young [2009] FCA 1169

BANKRUPTCY – application for sequestration order – whether debtor proved able to pay his debts or that for other sufficient cause sequestration order should not be made – Bankruptcy Act 1966 (Cth) s 52(2) – company controlled by debtor purportedly assigned to him a cause of action asserted against petitioning creditor – whether assignment supported by association with assignment of property or by assignee's genuine commercial interest in taking the assignment. ASSIGNMENT - application for sequestration order – whether debtor proved able to pay his debts or that for other sufficient cause sequestration order should not be made – Bankruptcy Act 1966 (Cth) s 52(2) – company controlled by debtor purportedly assigned to him a cause of action asserted against petitioning creditor – whether assignment supported by association with assignment of property or by assignee's genuine commercial interest in taking the assignment. Held (1) purported assignments ineffective (2) sequestration order made Bankruptcy Act 1966 (Cth) s 40(1)(d)(ii), s 41(7), s 43, s 52(2) Plant Breeder's Rights Act 1994 (Cth) Helfenbaum v St George Bank Ltd [2001] FCA 1392 cited ICM Agricultural Pty Ltd v Young [2009] FCA 109 cited International Alpaca Management Pty Ltd v Ensor [1999] FCA 72 discussed Lewis v Doran (2004) 208 ALR 385 referred to Monk v Australia and New Zealand Banking Group Ltd (1994) 34 NSWLR 148 followed Poulton v The Commonwealth (1953) 89 CLR 540 cited Sandell v Porter (1966) 115 CLR 666 cited Totev v Sfar (2006) 230 ALR 236followed Trendtex Trading Corporation v Credit Suisse [1982] AC 679 cited Young v ICM Agriculture Pty Limited [2008] FMCA 1038cited Young v ICM Agriculture Pty Ltd [2009] FCA 1065 cited ICM AGRICULTURE PTY LIMITED (ACN 006 077 765) v DARYL WILLIAM YOUNG