Bank of Australasia v Hall [1907] HCA 78

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Cons, 1514 ee ae Reiaice,, HIGH COURT v 34 FCR 280 ye 1 Fo Fett

Appl - ; sy ME) Sinn alte fee? Felon, Re trie Sale? Be * é cy § z ghee" 23 {pen [HIGH COURT OF AUSTRALIA.]

att ~ BANK OF AUSTRALASIA

Pisin (2003) 46 ACR 12

AND

; THOMAS MURRAY HALL, TRUSTEE OF THE ESTATE OF JAMES ROBERT- RESPONDE) SON IN LIQUIDATION - ;

ON APPEAL FROM THE SUPREME COURT OF QUEENSLAND.

H.C. oF A. Insolvency—Security given over property of debtor for advances—Insolvency 1907. 1874 (Qd.) (38 Vict. No. 5), secs, 107, 108, 109, 112, 113, 140—Ability to = " debts as they become due" from his own moneys—' Reasonable and

BRISBANE, consideration given at the time" — Good faith" —Debts, liquidated and

May 1, 2, tingent liabilities—Assets, realizable property, credit—Bills of Sale Act

(Qd.), sec. 4— True statement of consideration—Secret defeasance.

Griffith C.J.,

Isaacs and q Higgins JJ. Where the validity of a conveyance by a debtor to a creditor is qu é under the Insolvency Act 1874 (Qd.), the words in secs, 107 and 108, un —, to pay his debts as they become due from his own moneys," mean that' ] July 29, 30, debtor must at the time in question have had sufficient cash in hand or b Ang. 1,19. able to obtain, by sale or pledge of his available assets, command of ogee money to satisfy all debts that were anticipated to fall due and Barton, ascertained in the reasonably immediate future. Conner, Telos 3. Held, per Curiam (Higgins J. dissenting).—' Debts" in the above

include any liabilities that would have been provable in insolvency if debtor had been adjudicated insolvent at the time in question, a

Under sec, 108 the words " reasonable and sufficient consideration" that the debtor shall, in return for the property conveyed or pledged, from the creditor such consideration in money or realizable value as w make up to his estate substantially what the conveyance or pledge has t from it.