Iliopoulos v BM2008 Pty Ltd (In Liquidation) (ACN 005 762 685) [2010] FCA 787

FEDERAL COURT OF AUSTRALIA

Iliopoulos v BM2008 Pty Ltd (In Liquidation) (ACN 005 762 685) [2010] FCA 787 Citation: Iliopoulos v BM2008 Pty Ltd (In Liquidation) (ACN 005 762 685) [2010] FCA 787

Appeal from: Iliopoulos v BM2008 Pty Ltd (In Liquidation) [2010] FMCA 376

Parties: STEVE ILIOPOULOS v BM2008 PTY LTD (IN LIQUIDATION) (ACN 005 762 685)

File number: VID 435 of 2010

Judge: FINN J

Date of judgment: 27 July 2010

Catchwords: BANKRUPTCY – application to extend time for compliance with a bankruptcy notice – alleged cross-claim, set-off cross demand arising by virtue of entitlement to share in the distribution of company surplus upon completion of a voluntary winding up – assets of corporation said to include causes of action against directors, former directors and a related company – uncertainty as to existence and potential value of causes of action – whether cross-claim, set-off, cross demand is equal to or exceeds the judgment debt

Legislation: Bankruptcy Act 1966 (Cth) ss 40(1)(g), 41(6A), 41(7) Corporations Act 2001 (Cth) ss 175, 200B, 200E, 200G, 200J, 477(6), 505, 511, Pt 2F.1A

Cases cited: Patane v Asteron Life Ltd (2004) 2 ABC (NS) 85 cited Residual Assco Group Ltd v Spalvins (2000) 202 CLR 629 cited Grant v John Grant & Sons Pty Ltd (1950) 82 CLR 1 cited Chahwan v Euphoric Pty Ltd (2008) 227 FLR 43 applied Farah Constructions Pty Ltd v Say-Dee Pty Ltd (2007) 230 CLR 89 cited Re Glew; Glew v Harrowell (2003) 198 ALR 331 cited Barnes v Addy (1874) LR 9; Ch App 244 referred to