NSW Caselaw
RATCLIFFE v OCEANIC LIFE LTD SUPREME COURT OF NEW SOUTH WALES — COURT OF APPEAL
PRIESTLEY JA 21 October 1997
[1997] NSWCA 259 COMPETING CONSIDERATIONS IN STAY APPLICATION
Priestley JA. From the materials before me and from what I have been told by counsel, I can make the following summary of the events that have led to this application for a stay of judgment.
On | August this year judgment was entered for Oceanic Life Limited against Glowtide Pty Limited and two individuals who had been guarantors of Glowtide's obligation in respect of which Oceanic Life succeeded. With interest, the amount of the judgment was in the order of $17 million.
On 28 August the guarantors filed a notice of appeal. Glowtide did not.
On 9 and 12 September the guarantors were served with bankruptcy notices. I have been told that the time for compliance with those bankruptcy notices has been extended in the Federal Court and will shortly expire.
On 19 September a liquidator was appointed to Glowtide.
On 22 September the liquidator sent out notices to the guarantors intheir capacity as directors of Glowtide seeking the books of the company and a report upon the company's affairs in accordance with the requirements of the Company Law. From letters put before me coming from the liquidator's office it appears that on 25 September there was some discussion with the guarantors concerning arrangements to comply with the statutory requirements, but it also appears that those requirements have not yet been complied with.
On 1 October a notice of motion for stay of the judgment of 1 August was filed.
On 14 October the Registrar of the Court of Appeal, over the opposition of Oceanic Life, extended the time within which the guarantor appellants should file the index to the appeal papers for the appeal.
Yesterday, I heard argument at some length upon the materials which were before me concerning whether or not it was appropriate for a stay to be granted, and I adjourned until today in order to give my decision.
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