Eriksson v Commonwealth Bank of Australia [2014] FCA 561

FEDERAL COURT OF AUSTRALIA

Eriksson v Commonwealth Bank of Australia [2014] FCA 561 Citation: Eriksson v Commonwealth Bank of Australia [2014] FCA 561

Appeal from: Commonwealth Bank of Australia Limited trading as Bank West v Eriksson [2013] FCCA 2058 (6 December 2013)

Parties: TREVOR JAMES ERIKSSON v COMMONWEALTH BANK OF AUSTRALIA LIMITED (ABN 48 123 123 124)

File number: NSD 2604 of 2013

Judge: PAGONE J

Date of judgment: 29 May 2014

Catchwords: BANKRUPTCY – application to set aside sequestration order – appeal by way of rehearing – whether debtor had viable cross-claim equal to or exceeding amount of judgment debt subject of creditor's petition – whether deed of release covered cross-claim – discretion of Federal Circuit Court to adjourn or dismiss creditor's petition to allow debtor to pursue cross-claim.

Legislation: Bankruptcy Act 1966 (Cth), s 40(1)(g) Contracts Review Act 1980 (NSW) Federal Court of Australia Act 1976 (Cth), s 24(1)(d)

Cases cited: Allesch v Maunz (2000) 203 CLR 172 George v Deputy Commissioner of Taxation (2005) 212 ALR 495 Grant v John Grant & Sons Pty Ltd (1954) 91 CLR 112 Karam v Australia and New Zealand Banking Group Ltd [2001] NSWSC 709 O'Brien v Bank of Western Australia Limited [2013] NSWCA 71 Port of Melbourne Authority v Anshun Pty Ltd (1981) 147 CLR 589 Rigg v Baker (2006) 236 ALR 629 Thredgold v Fyfe Pty Ltd [2013] FCA 1363 Westpac Banking Corporation v Billgate Pty Ltd [2013] NSWSC 1304