In the matter of Morf Dynamics Pty Limited [2013] NSWSC 2039

Supreme Court New South Wales

Medium Neutral Citation: In the matter of Morf Dynamics Pty Limited [2013] NSWSC 2039 Hearing dates: 23 December 2013 Decision date: 23 December 2013 Jurisdiction: Equity Division - Corporations List Before: Brereton J Decision: Originating process dismissed with costs assessed in the sum of $12,500. Catchwords: CORPORATIONS - application under (Cth) Corporations Act 2001 s 459H for order setting aside statutory demand - whether genuine dispute - application dismissed. Legislation Cited: (Cth) Corporations Act 2001 s459E, s 459G, s 459H Cases Cited: Lodge Partners Pty Ltd v Pegum [2009] FCA 519; (2009) 255 ALR 516 Category: Principal judgment Parties: Morf Dynamics Pty Limited (plaintiff) JNAB Pty Limited (defendant) Representation: Counsel: J Darams (plaintiff) E Peden (defendant) Solicitors: Russells Law (plaintiff) Source Legal Pty Limited (defendant) File Number(s): 2013/232779

Judgment - EX TEMPORE 1HIS HONOUR: On 11 July 2013 the defendant JNAB Pty Ltd served on the plaintiff company Morf Dynamics Pty Ltd a creditor's statutory demand for payment of debt pursuant to (Cth) Corporations Act 2001, s 459E, demanding payment of the amount of $146,750.68, being the total amount of loan and interest described in the schedule to the demand as follows: Loan repayment due pursuant to Loan Facility Agreement dated 16 January 2008 between the company and the creditor $100,000.00 Interest on the Principal sum of $100,000 at 8.64% per annum from February 2008 to 8 July 2013 $46,750.68 Total debt payable by Morf Dynamics Pty Ltd $146,750.68