In the matter of Golden Robot Records International Pty Limited & Ors [2021] NSWSC 1146

In the matter of Golden Robot Records International Pty Limited & Ors [2021] NSWSC 1146

The contractual term relied upon by the plaintiffs regarding repayment 'when you can' is either void for uncertainty, illusory, or requires objective inability to repay, for which no evidence was led. Thus, the debts are repayable on demand and no genuine dispute or other reason under ss 459H or 459J exists to set aside the statutory demands. Interest was properly included according to NAB’s terms, and the demand amounts and supporting statements disclosed that component. No substantial injustice was established by lack of separate interest specification.

Parties
First Plaintiff/first Respondent: Golden Robot Records International Pty Ltd; Second Plaintiff/second Respondent: Scratches Records Pty Ltd; Third Plaintiff/third Respondent: Dippindot Investments Pty Ltd; Fourth Plaintiff/fourth Respondent: Australian Business Executive Investments Pty Ltd; Defendant/applicant: National Australia Bank Limited
Jurisdiction
Australia
Judgment Date
09 September 2021
Procedural Posture
Application to Set Aside Creditor's Statutory Demands / Final Judgment
Outcome
Proceedings dismissed with costs.
Legal Topics
Winding Up, Statutory Demand, Genuine Dispute, Application to Set Aside Demand, Debt Due and Payable, Interest on Overdraft
Corporations Law Winding Up Statutory Demand Genuine Dispute Application to Set Aside Demand Debt Due and Payable Interest on Overdraft

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Parties

Golden Robot Records International Pty Ltd

First Plaintiff/first Respondent

Scratches Records Pty Ltd

Second Plaintiff/second Respondent

Dippindot Investments Pty Ltd

Third Plaintiff/third Respondent

Australian Business Executive Investments Pty Ltd

Fourth Plaintiff/fourth Respondent

National Australia Bank Limited

Defendant/applicant

Procedural Posture

Application to Set Aside Creditor's Statutory Demands / Final Judgment

Legal Issues

  1. 1 Whether creditor's statutory demands should be set aside
  2. 2 Whether the debts are due and payable
  3. 3 Whether contractual terms regarding repayment are uncertain, illusory or unenforceable

Ratio Decidendi

The contractual term relied upon by the plaintiffs regarding repayment 'when you can' is either void for uncertainty, illusory, or requires objective inability to repay, for which no evidence was led. Thus, the debts are repayable on demand and no genuine dispute or other reason under ss 459H or 459J exists to set aside the statutory demands. Interest was properly included according to NAB’s terms, and the demand amounts and supporting statements disclosed that component. No substantial injustice was established by lack of separate interest specification.

Court Disposition

Proceedings dismissed with costs.

Orders

  • The proceedings are dismissed with costs.