Helfenbaum v St George Bank Ltd [2001] FCA 1392

Helfenbaum v St George Bank Ltd [2001] FCA 1392

The appellant failed to discharge the onus of proof required under s 52(2)(a) of the Bankruptcy Act to demonstrate solvency, as his asserted assets were either not readily realisable or their value was speculative; the appeal is dismissed.

Parties
Appellant: Jeffrey Leon Helfenbaum; Respondent: St George Bank Limited
Jurisdiction
Australia
Judgment Date
07 August 2001
Procedural Posture
Appeal / Appeal From a Single Judge of the Federal Court of Australia
Outcome
Appeal dismissed
Legal Topics
Sequestration Order, Exercise of Discretion, Solvency, Onus of Proof
Bankruptcy Sequestration Order Exercise of Discretion Solvency Onus of Proof

Case Brief

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Parties

Jeffrey Leon Helfenbaum

Appellant

St George Bank Limited

Respondent

Procedural Posture

Appeal / Appeal From a Single Judge of the Federal Court of Australia

Legal Issues

  1. 1 Whether the sequestration order should be made against the appellant
  2. 2 Whether the appellant discharged the onus of establishing solvency under s 52(2)(a) of the Bankruptcy Act
  3. 3 Whether the appellant had readily realisable assets exceeding his liabilities

Ratio Decidendi

The appellant failed to discharge the onus of proof required under s 52(2)(a) of the Bankruptcy Act to demonstrate solvency, as his asserted assets were either not readily realisable or their value was speculative; the appeal is dismissed.

Court Disposition

Appeal dismissed

Orders

  • The appeal be dismissed.
  • The appellant pay the respondent's costs of the appeal.