In the Matter of Drambo Pty Ltd ACN 010 258 698 Drambo Pty Ltd v Westpac Banking Corporation [1996] FCA 1047

In the Matter of Drambo Pty Ltd ACN 010 258 698 Drambo Pty Ltd v Westpac Banking Corporation [1996] FCA 1047

The application to set aside the statutory demand is refused as there is no real prospect of obtaining a stay of execution; the respondent is entitled to insist on payment, and the evidence does not support circumstances warranting the discretion to set aside the statutory demand.

Parties
Applicant: Drambo Pty Limited; Respondent: Westpac Banking Corporation
Jurisdiction
Australia
Judgment Date
26 November 1996
Procedural Posture
Application to Set Aside Statutory Demand / Judgment on Application
Outcome
Application dismissed with costs
Legal Topics
Statutory Demand, Stay of Judgment Pending Appeal, Liquidation
Corporations Law Banking Law Statutory Demand Stay of Judgment Pending Appeal Liquidation

Case Brief

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Parties

Drambo Pty Limited

Applicant

Westpac Banking Corporation

Respondent

Procedural Posture

Application to Set Aside Statutory Demand / Judgment on Application

Legal Issues

  1. 1 Whether the statutory demand served on the applicant should be set aside pending appeal
  2. 2 Whether the existence of an appeal is sufficient to enliven discretion under ss 459H and 459J of Corporations Law
  3. 3 Whether a stay of execution would likely be granted on the relevant facts

Ratio Decidendi

The application to set aside the statutory demand is refused as there is no real prospect of obtaining a stay of execution; the respondent is entitled to insist on payment, and the evidence does not support circumstances warranting the discretion to set aside the statutory demand.

Court Disposition

Application dismissed with costs

Orders

  • The application is dismissed, with costs.