Streetwise v HigginsStreetwise v Higgins [2005] NSWSC 535

New South Wales Supreme Court

CITATION : Streetwise v HigginsStreetwise v Higgins [2005] NSWSC 535

HEARING DATE(S) : 02/06/05

JUDGMENT DATE : 2 June 2005

JURISDICTION : Equity Division

JUDGMENT OF : Master Macready at 1

DECISION : Paragraph 42

CATCHWORDS : Corporations Law. Application to set aside a statutory demand on the basis that the debt is not yet due. Held that such a demand could not be set aside under s 459 J (1)(b) of the Corporations Act.

PARTIES : Streetwise Property & Projects Pty Limited v Paul Higgins

FILE NUMBER(S) : SC 6960/2004

Mr M Sahade for plaintiff COUNSEL : Mr JR Young for defendant

Sutton & Byrne for plaintiff SOLICITORS : Simon Diab & Associates for defendant

LOWER COURT JURISDICTION :

- 1 - THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION

MASTER MACREADY

THURSDAY 2 JUNE 2005

6960/04 - STREETWISE PROPERTY PROJECTS PTY LIMITED v PAUL HIGGINS

JUDGMENT

1 MASTER: This is an application to set aside a statutory demand pursuant to s 459G of the Corporations Act. The demand was dated 8 December 2004 and served on 10 December 2004. 2 The demand claimed a sum of 205,000, described as follows: "Pursuant to a Deed of Investment executed by the Debtors the Creditor paid $180,000.000 to the Debtor. According to the agreement the Debtor was to repay the invested amount plus profit in the minimum amount of $25,000

Total: $205,000.00" 3 Mr Higgins, the defendant, was approached apparently by a beautiful young lady at Stockland Shopping Mall at Merrylands and asked if he wanted to receive investment and financial advice. After a follow up he paid from his savings $180,000 to the plaintiff on 8 April 2002. He signed some unspecified documents and in due course received the following acknowledgment from the plaintiff on its letterhead: "Deed of Investment