Asset Holding Pty Ltd & Ors v Rosta Electrical Industries Pty Ltd (In Liq) [1995] FCA 278

Asset Holding Pty Ltd & Ors v Rosta Electrical Industries Pty Ltd (In Liq) [1995] FCA 278

There is a genuine dispute as to the existence of the debt described in each statutory demand because the directing minds on both sides intended the loans to be repayable in 1996, regardless of documentation or bank facility terms; thus, the demands must be set aside under s 459H(3).

Jurisdiction
Australia
Judgment Date
02 March 1995
Procedural Posture
Application for Review of Registrar's Decision Under S 459 G of the Corporations Law / Final Judgment
Outcome
statutory demands set aside; costs awarded to applicants
Legal Topics
['statutory Demand' 'genuine Dispute' 'debt Existence']
['corporations'] ['statutory Demand' 'genuine Dispute' 'debt Existence']

Case Brief

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Procedural Posture

Application for Review of Registrar's Decision Under S 459 G of the Corporations Law / Final Judgment

Legal Issues

  1. 1 ['Whether there is a genuine dispute as to the existence of the debt for purposes of s 459H(1)(a) of the Corporations Law']

Ratio Decidendi

There is a genuine dispute as to the existence of the debt described in each statutory demand because the directing minds on both sides intended the loans to be repayable in 1996, regardless of documentation or bank facility terms; thus, the demands must be set aside under s 459H(3).

Court Disposition

statutory demands set aside; costs awarded to applicants

Orders

  • ['Order made by the Registrar on 2 November 1994 set aside.' 'Statutory demand served by the respondent on or about 7 December 1993 set aside.' "Respondent to pay applicant's costs of the application under section 459G of the Corporations Law and of the application for review of the Registrar's decision."]