Hills Motorway Ltd v UBS AGHills Motorway Management Ltd v UBS AG [2005] NSWSC 1086

New South Wales Supreme Court

CITATION : Hills Motorway Ltd v UBS AGHills Motorway Management Ltd v UBS AG [2005] NSWSC 1086

HEARING DATE(S) : 17/06/05

JUDGMENT DATE : 28 October 2005

Equity Division JURISDICTION : Corporations List

JUDGMENT OF : White J

DECISION : Plaintiffs' counsel to bring in short minutes in accordance with reasons.

CATCHWORDS : CORPORATIONS - Application to set aside statutory demand - Where two demands for half the debt each were served on parties jointly liable for the debt - Whether a ground for setting aside the demands is that demands were in terms that debtors are severally liable as opposed to jointly - Where affidavit amending amount of claimed offset filed after 21 days - Corporations Act ss 459G, 459F, 459J - Held that claiming less than the actual debt is not a defect justifying the setting aside of a demand - Claimed offset is too small and does not affect demands - Affidavit filed after 21 days falls foul of principle in Graywinter - Payment of amount claimed in one demand will satisfy both.

LEGISLATION CITED : Corporations Act 2001 (Cth)

Graywinter Properties Pty Ltd v Gas & Fuel Corp Superannuation Fund (1996) 70 FCR 452 Energy Equity Corporation Ltd v Sinedie Pty Ltd (2001) 166 FLR 179 Process Machinery Australia Pty Ltd v ACN 057 260 590 Pty Ltd [2002] NSWSC 45 CASES CITED : Duck v Mayeu [1892] 2 QB 511 Barclays Australia (Finance) Ltd v Mike Gaffikin Marine Pty Ltd (1996) 21 ACSR 235 Elm Financial Services Pty Ltd v Macdougal [2004] NSWSC 560

The Hills Motorway Ltd v UBS AG PARTIES : Hills Motorway Management Ltd v UBS AG