Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Ambrose (Trustee) in the matter of Poumako (Bankrupt) v Poumako (No 3) [2013] FCA 22 Citation: Ambrose (Trustee) in the matter of Poumako (Bankrupt) v Poumako (No 3) [2013] FCA 22
Parties: COLIN LOUIS AMBROSE AS TRUSTEE OF THE BANKRUPT ESTATE OF ROBIN BRIAN POUMAKO v ROBIN BRIAN POUMAKO, JACQUELINE STELLA POUMAKO, TUHI AGNES CASSIDY and JANICE HEATHER POUMAKO
File number: SAD 322 of 2011
Judge: MANSFIELD J
Date of judgment: 29 January 2013
Catchwords: BANKRUPTCY – undervalued transactions void against trustee in bankruptcy of transferor – final orders – whether trustee must accept liability for mortgages granted by transferor over properties the subject of impugned transfers BANKRUPTCY – undervalued transactions void against trustee in bankruptcy of transferor – final orders – where trustee must repay to transferees part consideration paid to transferor (bankrupt) – where transferee mortgaged property and used funds from mortgagee to pay part consideration – whether trustee may satisfy obligation to repay consideration paid by making payment to mortgagee in reduction of indebtedness – whether trustee has right of indemnity from transferee to extent of any additional mortgage funds which trustee must satisfy under s 120(6)
Legislation: Bankruptcy Act 1966 (Cth) ss 120(1), 120(4) and 120(6)
Cases cited: Ambrose (Trustee) in the matter of Poumako (Bankrupt) v Poumako [2012] FCA 889 referred to Sheahan (Trustee) in the matter of Frost (Bankrupt) v Frost (No 2) [2011] FCA 686 referred to Frost v Sheahan as Trustee of the Bankrupt Estate of Allan Gordon Frost [2012] FCAFC 46 cited Frost v Sheahan as Trustee of the Bankrupt Estate of Allan Gordon Frost [2012] HCASL 196 cited Trustee of the Property of O'Halloran; in the matter of O'Halloran v O'Halloran [2002] FCA 1305 referred to Tyler v Thomas [2006] FCAFC 6 applied In Re Mouat; Kingston Cotton Mills Co v Mouat [1899] 1 Ch 831 approved Verge v Devere Holdings Pty Ltd (No 5) [2010] FCA 1452 approved Official Trustee in Bankruptcy v Alvaro (1996) 66 FCR 372 considered Lumsden v Snelson [2001] FCA 83 cited Johnson v Royal Mail Steam Packet Company (1867) LR 3 CP 38 followed Noyes v Ellis (1877) 3 VLR (L) 307 Abigroup Ltd v Abignano (1992) 39 FCR 74 applied Mahoney v McManus (1981) 180 CLR 370 applied
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