Re Ikin, H. & Ors v. Ex parte Same and Lamborghini Tractors of Australia Pty Ltd [1985] FCA 142

Re Ikin, H. & Ors v. Ex parte Same and Lamborghini Tractors of Australia Pty Ltd [1985] FCA 142

A bankruptcy notice requiring payment simply in a foreign currency, without express and precise alternatives to pay in Australian dollars, is not in accordance with the statutory requirements. The notice must clearly set out how it may be satisfied in accordance with the prescribed form, which presumes Australian currency.

Parties
Applicant: Harry Ikin; Applicant: Monica Margaret Ikin; Applicant: Harry Anthony Ikin; First Respondent: Same & Lamborghini Tractors of Australia Pty Ltd; Second Respondent: Same Trattori S.p.A.
Jurisdiction
Australia
Judgment Date
04 April 1985
Procedural Posture
Application to Set Aside Bankruptcy Notice / Judgment
Outcome
Application granted. Bankruptcy notice set aside.
Legal Topics
Bankruptcy Notice, Foreign Currency, Compliance With Statutory Form
Bankruptcy Bankruptcy Notice Foreign Currency Compliance With Statutory Form

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Parties

Harry Ikin

Applicant

Monica Margaret Ikin

Applicant

Harry Anthony Ikin

Applicant

Same & Lamborghini Tractors of Australia Pty Ltd

First Respondent

Same Trattori S.p.A.

Second Respondent

Procedural Posture

Application to Set Aside Bankruptcy Notice / Judgment

Legal Issues

  1. 1 Whether a bankruptcy notice requiring payment in a foreign currency (US dollars) is valid under the Bankruptcy Act and prescribed form

Ratio Decidendi

A bankruptcy notice requiring payment simply in a foreign currency, without express and precise alternatives to pay in Australian dollars, is not in accordance with the statutory requirements. The notice must clearly set out how it may be satisfied in accordance with the prescribed form, which presumes Australian currency.

Court Disposition

Application granted. Bankruptcy notice set aside.

Orders

  • The bankruptcy notice be set aside.