Cross, Re J.M. [1988] FCA 298

Cross, Re J.M. [1988] FCA 298

The composition offers creditors a return they would otherwise not receive, and public interest does not require refusal despite past misconduct. The composition is approved, and bankruptcy is annulled on balance of considerations, including punishment already suffered, length of bankruptcy, and facilitate repayment to the lender.

Parties
Applicant/bankrupt: John Michael Cross; Official Trustee: Official Trustee
Jurisdiction
Australia
Judgment Date
15 June 1988
Procedural Posture
Bankruptcy Application (approval of Composition and Annulment) / Application for Approval of Composition and Annulment of Bankruptcy
Outcome
Application granted
Legal Topics
Approval of Composition, Annulment of Bankruptcy, Creditors' Meeting, Bankrupt's Conduct, Trustee's Recommendation
Bankruptcy Approval of Composition Annulment of Bankruptcy Creditors' Meeting Bankrupt's Conduct Trustee's Recommendation

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 2 Authorities cited 8 Party arguments 2 Amounts and remedies 12
Sign in to unlock

Parties

John Michael Cross

Applicant/bankrupt

Official Trustee

Official Trustee

Procedural Posture

Bankruptcy Application (approval of Composition and Annulment) / Application for Approval of Composition and Annulment of Bankruptcy

Legal Issues

  1. 1 Whether the proposed composition should be approved under the Bankruptcy Act
  2. 2 Whether the bankruptcy should be annulled

Ratio Decidendi

The composition offers creditors a return they would otherwise not receive, and public interest does not require refusal despite past misconduct. The composition is approved, and bankruptcy is annulled on balance of considerations, including punishment already suffered, length of bankruptcy, and facilitate repayment to the lender.

Court Disposition

Application granted

Orders

  • The composition proposed by the applicant and accepted by a meeting of his creditors held on 11 December 1987 is approved.
  • The applicant's bankruptcy be annulled.