In the Matter of First Equilibrium Pty Ltd [2012] NSWSC 1625

In the Matter of First Equilibrium Pty Ltd [2012] NSWSC 1625

On the evidence before the Court, the maximum arguable offsetting claim was $570,000, resulting in a substantiated debt of at least $294,689.67. Therefore, the statutory demand should be varied to that amount pursuant to s 459H.

Parties
Plaintiff: First Equilibrium Pty Limited; Defendant: Bluestone Property Services Pty Limited
Jurisdiction
Australia
Judgment Date
10 December 2012
Procedural Posture
Interlocutory Application / Application to Set Aside or Vary Creditor's Statutory Demand
Outcome
Statutory demand varied; no order as to costs; each party to bear its own costs.
Legal Topics
Creditor's Statutory Demand, Application to Set Aside Statutory Demand, Application to Vary Statutory Demand, Offsetting Claim
Corporations Law Creditor's Statutory Demand Application to Set Aside Statutory Demand Application to Vary Statutory Demand Offsetting Claim

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 2 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

First Equilibrium Pty Limited

Plaintiff

Bluestone Property Services Pty Limited

Defendant

Procedural Posture

Interlocutory Application / Application to Set Aside or Vary Creditor's Statutory Demand

Legal Issues

  1. 1 Whether the statutory demand should be set aside under s 459G of the Corporations Act 2001 (Cth)
  2. 2 Whether the statutory demand should be varied due to an offsetting claim under s 459H of the Corporations Act 2001 (Cth)

Ratio Decidendi

On the evidence before the Court, the maximum arguable offsetting claim was $570,000, resulting in a substantiated debt of at least $294,689.67. Therefore, the statutory demand should be varied to that amount pursuant to s 459H.

Court Disposition

Statutory demand varied; no order as to costs; each party to bear its own costs.

Orders

  • Pursuant to Corporations Act 2001 (Cth) s 459H, the statutory demand is varied by substituting $294,689.67 for $864,689.67.
  • Declare that the statutory demand as varied has effect from when served on the plaintiff.