Vassis, Re B.W. Ex Parte Leo Leung [1986] FCA 19

Vassis, Re B.W. Ex Parte Leo Leung [1986] FCA 19

The debtor remained out of Australia with the intent to defeat or delay his creditors within the meaning of s.40(1)(c)(i) Bankruptcy Act 1966; at all material times he was ordinarily resident in Australia; the debts subrogated to the receiver under s.104GA(8) Legal Profession Practice Act 1958 (Vic) are liquidated sums payable; and the petitioning creditor is not prevented from maintaining his petition as a secured creditor as any securities are of less value than the debt. A sequestration order is warranted.

Parties
Debtor: Basil William Vassis; Petitioning Creditor: Leo Leung
Jurisdiction
Australia
Judgment Date
10 February 1986
Procedural Posture
Creditor's Petition in Bankruptcy / Final Judgment at First Instance
Outcome
Sequestration order made against the estate of the debtor.
Legal Topics
Ordinary Residence for Bankruptcy Jurisdiction, Intent to Defeat or Delay Creditors, Liquidated Sum Due in Equity, Petitioning Creditor as Secured Creditor, Subrogation of Receiver's Rights, Admissibility of Affidavit Admissions
Bankruptcy Ordinary Residence for Bankruptcy Jurisdiction Intent to Defeat or Delay Creditors Liquidated Sum Due in Equity Petitioning Creditor as Secured Creditor Subrogation of Receiver's Rights Admissibility of Affidavit Admissions

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Parties

Basil William Vassis

Debtor

Leo Leung

Petitioning Creditor

Procedural Posture

Creditor's Petition in Bankruptcy / Final Judgment at First Instance

Legal Issues

  1. 1 Whether the debtor remained out of Australia with intent to defeat or delay his creditors within s.40(1)(c)(i) Bankruptcy Act 1966
  2. 2 Whether the debtor was 'ordinarily resident in Australia' under s.43(1)(b)(i) Bankruptcy Act 1966
  3. 3 Whether the receiver as subrogee of clients’ rights has a liquidated debt within s.44 Bankruptcy Act 1966

Ratio Decidendi

The debtor remained out of Australia with the intent to defeat or delay his creditors within the meaning of s.40(1)(c)(i) Bankruptcy Act 1966; at all material times he was ordinarily resident in Australia; the debts subrogated to the receiver under s.104GA(8) Legal Profession Practice Act 1958 (Vic) are liquidated sums payable; and the petitioning creditor is not prevented from maintaining his petition as a secured creditor as any securities are of less value than the debt. A sequestration order is warranted.

Court Disposition

Sequestration order made against the estate of the debtor.

Orders

  • A sequestration order be made against the estate of Basil William Vassis.
  • The costs (including reserved costs) of the petitioner be taxed and paid according to the Act.