In the matter of Leverage Australia Pty Ltd [2012] NSWSC 601

In the matter of Leverage Australia Pty Ltd [2012] NSWSC 601

Leverage did not satisfy the conditions set out in clause 2(f) of the terms of settlement (specifically, timely payment of the second instalment), and therefore High Forest and its assignee were no longer bound to accept a lesser sum in full satisfaction. As a result, there was no genuine dispute as to the debt claimed, subject to correction of a miscalculation in interest.

Parties
Applicant: Leverage Australia Pty Ltd; Respondent: Felicity Gray
Jurisdiction
Australia
Judgment Date
10 May 2012
Procedural Posture
Application to Set Aside Statutory Demand / Decision on Application
Outcome
Application to set aside statutory demand dismissed with costs.
Legal Topics
Statutory Demand, Winding Up, Genuine Dispute, Costs
Corporations Law Statutory Demand Winding Up Genuine Dispute Costs

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Parties

Leverage Australia Pty Ltd

Applicant

Felicity Gray

Respondent

Procedural Posture

Application to Set Aside Statutory Demand / Decision on Application

Legal Issues

  1. 1 Whether there is a genuine dispute about the amount of the debt claimed in the statutory demand under s 459G and s 459H of the Corporations Act 2001 (Cth)
  2. 2 Whether there is a defect in the statutory demand causing substantial injustice

Ratio Decidendi

Leverage did not satisfy the conditions set out in clause 2(f) of the terms of settlement (specifically, timely payment of the second instalment), and therefore High Forest and its assignee were no longer bound to accept a lesser sum in full satisfaction. As a result, there was no genuine dispute as to the debt claimed, subject to correction of a miscalculation in interest.

Court Disposition

Application to set aside statutory demand dismissed with costs.

Orders

  • The statutory demand is varied to reflect a reduced amount of $35,666, effective as at the date of service.
  • The application is otherwise dismissed.