Re Cann Ex parte Commissioner of Taxation [1995] FCA 776

Re Cann Ex parte Commissioner of Taxation [1995] FCA 776

The creditors petitions were adjourned for a limited period because administrators had been appointed to Oakvest Pty Ltd and HELP Australia Pty Ltd, there was material suggesting a prospect of a sale of Living Reef that could make funds available to discharge Mr and Mrs Cann's indebtedness to the petitioning creditor, and the Court was not satisfied that the petitioning creditor would suffer prejudice from the adjournment.

Jurisdiction
Australia
Judgment Date
20 September 1995
Procedural Posture
Bankruptcy Creditors Petitions / Application for Adjournment of Creditors Petitions
Outcome
Adjournment granted; costs reserved.
Legal Topics
['adjournment of Creditors Petition' 'acts of Bankruptcy' 'bankruptcy Notices' 'company Administration' 'prospect of Sale to Discharge Indebtedness']
['bankruptcy'] ['adjournment of Creditors Petition' 'acts of Bankruptcy' 'bankruptcy Notices' 'company Administration' 'prospect of Sale to Discharge Indebtedness']

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Procedural Posture

Bankruptcy Creditors Petitions / Application for Adjournment of Creditors Petitions

Legal Issues

  1. 1 ['Whether creditors petition number QP406 of 1995 and creditors petition number QP332 of 1995 should be adjourned for a limited period.' 'Whether the appointment of administrators to companies associated with the debtors and the prospect of a sale of the Living Reef project justified an adjournment.' 'Whether the petitioning creditor would suffer prejudice by reason of an adjournment.']

Ratio Decidendi

The creditors petitions were adjourned for a limited period because administrators had been appointed to Oakvest Pty Ltd and HELP Australia Pty Ltd, there was material suggesting a prospect of a sale of Living Reef that could make funds available to discharge Mr and Mrs Cann's indebtedness to the petitioning creditor, and the Court was not satisfied that the petitioning creditor would suffer prejudice from the adjournment.

Court Disposition

Adjournment granted; costs reserved.

Orders

  • ['Creditors petition number QP406 of 1995 and creditors petition number QP332 of 1995 be adjourned to 10.15 a.m. 16 October 1995 before the judge hearing the bankruptcy list on that day.' 'Costs be reserved.']