Re Efstratiou, D. v. Ex parte Pipkin, K.M. [1985] FCA 341

Re Efstratiou, D. v. Ex parte Pipkin, K.M. [1985] FCA 341

The irrevocable authority signed by the bankrupt and delivered to the bank constituted both an equitable and, if necessary, a legal assignment of the debt owed by Tolley Scott and Tolley to the bankrupt. Regarding the grape sale proceeds, the special contract conditions meant that the purchasers held the proceeds jointly with the vendors pending settlement; as settlement did not occur, the vendors were entitled to the proceeds (less harvesting expenses), and the trustee held these funds on trust and not as part of the bankrupt's estate.

Parties
Applicant: Kevin Michael Pipkin; Bankrupt: Dimitrios Efstratiou; Claimant: Konstantinos Bendihavas; Claimant: Kaliopi Bendihavas; Claimant: Panagiota Karantzalis; Claimant: Australia and New Zealand Banking Group Limited
Jurisdiction
Australia
Judgment Date
28 June 1985
Procedural Posture
Application for Directions / Reasons for Judgment
Outcome
Orders for payment of specified sums from the fund to the claimants, with the balance to form part of the bankrupt estate.
Legal Topics
Equitable Assignment, Assignment at Law, Trustee Duties, Disposal of Funds
Bankruptcy Property Law Equitable Assignment Assignment at Law Trustee Duties Disposal of Funds

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Parties

Kevin Michael Pipkin

Applicant

Dimitrios Efstratiou

Bankrupt

Konstantinos Bendihavas

Claimant

Kaliopi Bendihavas

Claimant

Panagiota Karantzalis

Claimant

Australia and New Zealand Banking Group Limited

Claimant

Procedural Posture

Application for Directions / Reasons for Judgment

Legal Issues

  1. 1 Whether an authority to pay moneys to the bank constituted an equitable or legal assignment of a debt owed to the bankrupt.
  2. 2 Whether proceeds of sale of grapes harvested from property subject to uncompleted contracts belonged to the vendors or formed part of the bankrupt estate.

Ratio Decidendi

The irrevocable authority signed by the bankrupt and delivered to the bank constituted both an equitable and, if necessary, a legal assignment of the debt owed by Tolley Scott and Tolley to the bankrupt. Regarding the grape sale proceeds, the special contract conditions meant that the purchasers held the proceeds jointly with the vendors pending settlement; as settlement did not occur, the vendors were entitled to the proceeds (less harvesting expenses), and the trustee held these funds on trust and not as part of the bankrupt's estate.

Court Disposition

Orders for payment of specified sums from the fund to the claimants, with the balance to form part of the bankrupt estate.

Orders

  • The trustee is to pay $7,000 to Australia and New Zealand Banking Group Limited.
  • The trustee is to pay $16,068.38 to Konstantinos Bendihavas and Kaliopi Bendihavas.