Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Verge v Devere Holdings Pty Ltd (No 4) [2010] FCA 653
Citation: Verge v Devere Holdings Pty Ltd (No 4) [2010] FCA 653
Parties: EVAN ROBERT VERGE and GEORGE AUBREY LOPEZ v DEVERE HOLDINGS PTY LTD, PACKHAM PTY LTD and CASTLEWORLD PTY LTD
File number: WAD 238 of 2008
Judge: MCKERRACHER J
Date of judgment: 24 June 2010
Catchwords: BANKRUPTCY – s 120 Bankruptcy Act 1966 (Cth) – undervalued transactions – where Trustees in Bankruptcy seek to set aside land and share transactions – where consideration as valuable as market value of property not provided – valuation of the land – expert evidence – value of consideration – consideration must be given not promised
BANKRUPTCY – s 120 of the Bankruptcy Act 1966 (Cth) – rights of a person who acquired property from a transferee in good faith by giving consideration that was at least as valuable as the market value of the property – good faith – burden of proof – estoppel
CONSTITUTIONAL LAW – indefeasibility of title and the Bankruptcy Act – inconsistency of laws pursuant to s 109 of the Constitution – in the context of fraud
EQUITY – property of bankrupt held on trust for trustee – fiduciary duty – obligation to account – equitable compensation
Legislation: Bankruptcy Act 1966 (Cth) ss 120, 120(1), 120(1)(b), 120(4), 120(6), 120(7), 120(7)(b), 120(7)(c) Federal Court of Australia Act 1976 (Cth) ss 47, 47(3)
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