Micha International Pty Limited v Jong Seol Lee [2008] NSWSC 921

New South Wales Supreme Court

CITATION : Micha International Pty Limited v Jong Seol Lee [2008] NSWSC 921

HEARING DATE(S) : 12 August 2008 JUDGMENT OF : Hammerschlag J

EX TEMPORE JUDGMENT DATE : 12 August 2008

DECISION : Statutory Demand dated 16 January 2008 set aside. Defendant to pay the plaintiff's costs.

CATCHWORDS : CORPORATIONS – creditor's statutory demand - application under s 459G of the Corporations Act 2001 (Cth) ("the Act") to set aside statutory demand – plaintiff asserts payment of debt – sufficient evidence to establish genuine dispute

LEGISLATION CITED : Corporations Act 2001 (Cth)

CASES CITED : Solarite Air Conditioning Pty Limited v York International Australia Pty Limited [2002] NSWSC

PARTIES : Micha International Pty Limited (ACN 117 440 098) Jong Seol Lee

FILE NUMBER(S) : SC 1507/2008

COUNSEL : J.R. Young (Plaintiff) M.W. Sneddon (Defendant)

SOLICITORS : Sean Kim Bilias & Associates (Plaintiff) Watson & Watson (Defendant)

- 3 - IN THE SUPREME COURT OF NEW SOUTH WALES EQUITY DIVISION CORPORATIONS LIST

HAMMERSCHLAG J

12 AUGUST 2008

1507/2008 MICHA INTERNATIONAL PTY LIMITED -V- JONG SEOL LEE EX TEMPORE JUDGMENT 1 HIS HONOUR: This is an application under s 459G of the Corporations Act 2001 (Cth) ("the Act") to set aside a statutory demand dated 16 January 2008 made by the defendant on the plaintiff for $110,000. That amount is the balance which the defendant says is outstanding by the plaintiff in respect of the sale by the defendant to the plaintiff of a convenience store business for a purchase price of $360,000 of which $300,000 was attributed to the business and $60,000 to the stock. 2 It is not in dispute that the defendant received on behalf of the plaintiff (from the two individuals who stand behind it) $250,000. Hence the balance of $110,000, allegedly, outstanding. 3 By her affidavit of 15 February 2008, the sole director and shareholder of the plaintiff, Kyung Sook Lim, deposes as follows: "17. I met the Defendant in Seoul Korea on or about 5 January 2006. I saw him a number of times after that. On 23 January 2006 I handed the Defendant the amount of 80 Million Won in Korean currency. This is equivalent to $110,000 in Australian currency.