In the matter of Kisimul Holdings Pty Limited [2014] NSWSC 422

In the matter of Kisimul Holdings Pty Limited [2014] NSWSC 422

Plaintiff has a seriously arguable ground of appeal on the application of s 459J(1)(b) for setting aside statutory demand for defect in verifying affidavit. Without extension, appeal would be rendered nugatory as company could not comply with demand and presumption of insolvency would arise. No security for debt or costs is required at this stage.

Jurisdiction
Australia
Judgment Date
10 April 2014
Procedural Posture
Interlocutory Application / Application to Extend Time for Compliance With Statutory Demand Pending Appeal
Outcome
Time to comply with statutory demand extended, costs reserved to appeal application
Legal Topics
['statutory Demand' 'extension of Time' 'appeals' 'setting Aside Statutory Demand' 'security for Costs' 'presumption of Insolvency']
['corporations Law'] ['statutory Demand' 'extension of Time' 'appeals' 'setting Aside Statutory Demand' 'security for Costs' 'presumption of Insolvency']

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 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Interlocutory Application / Application to Extend Time for Compliance With Statutory Demand Pending Appeal

Legal Issues

  1. 1 ['Whether time to comply with statutory demand should be extended pending appeal' 'Whether plaintiff has an arguable ground of appeal' 'Whether substantial injustice is a pre-condition for setting aside statutory demand under s 459J(1)(b)' 'Whether security for debt or costs should be required']

Ratio Decidendi

Plaintiff has a seriously arguable ground of appeal on the application of s 459J(1)(b) for setting aside statutory demand for defect in verifying affidavit. Without extension, appeal would be rendered nugatory as company could not comply with demand and presumption of insolvency would arise. No security for debt or costs is required at this stage.

Court Disposition

Time to comply with statutory demand extended, costs reserved to appeal application

Orders

  • ['Pursuant to Corporations Act, s 459F(2)(a)(ii), time to comply with statutory demand extended to 5:00pm on 11 April 2014 or, if application for leave to appeal filed by then, until seven days after determination or further court order' 'Costs of present application be costs in the application for leave to appeal'...