Parianos v Lymlind Pty Ltd [1999] FCA 684

Parianos v Lymlind Pty Ltd [1999] FCA 684

Strict compliance with Bankruptcy Regulations reg 4.04 is an essential requirement for a bankruptcy notice founded on a foreign currency judgment. Failure to calculate the Australian dollar equivalent using the exchange rate prescribed by reg 4.04(3) renders the notice invalid and it must be set aside.

Parties
Applicant: George Parianos; Respondent: Lymlind Pty Limited; Respondent: Anagyros Parianos; Respondent: Marguerita Parianos
Jurisdiction
Australia
Judgment Date
28 June 1999
Procedural Posture
Bankruptcy Application / Application to Set Aside Bankruptcy Notice
Outcome
Application granted
Legal Topics
Foreign Currency Judgments, Bankruptcy Notice Requirements, Currency Conversion Regulations
Bankruptcy Foreign Currency Judgments Bankruptcy Notice Requirements Currency Conversion Regulations

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Parties

George Parianos

Applicant

Lymlind Pty Limited

Respondent

Anagyros Parianos

Respondent

Marguerita Parianos

Respondent

Procedural Posture

Bankruptcy Application / Application to Set Aside Bankruptcy Notice

Legal Issues

  1. 1 Whether failure to calculate conversion in bankruptcy notice per Bankruptcy Regulations reg 4.04 renders the notice invalid and liable to be set aside

Ratio Decidendi

Strict compliance with Bankruptcy Regulations reg 4.04 is an essential requirement for a bankruptcy notice founded on a foreign currency judgment. Failure to calculate the Australian dollar equivalent using the exchange rate prescribed by reg 4.04(3) renders the notice invalid and it must be set aside.

Court Disposition

Application granted

Orders

  • The bankruptcy notice No NN 2750 of 1998, which was served on the applicant on 18 February 1999, is set aside.
  • The respondents pay the applicant's costs.