Re Wardle, M.T. v. Ex parte Wardle, M.T. [1987] FCA 770

Re Wardle, M.T. v. Ex parte Wardle, M.T. [1987] FCA 770

Approval was refused because the composition was conditional, reserving rights against possible undisclosed assets, which is inconsistent with the general purposes of the Bankruptcy Act with respect to compositions.

Parties
Applicant: Malcolm Thomas Wardle; Respondent: Official Trustee/Receiver
Jurisdiction
Australia
Judgment Date
22 December 1987
Procedural Posture
Bankruptcy Application for Approval of Composition and Annulment / Application for Approval of Composition Under S.74 Bankruptcy Act 1966
Outcome
application dismissed
Legal Topics
Composition, Approval of Composition, Undisclosed Assets, Annulment of Bankruptcy
Bankruptcy Composition Approval of Composition Undisclosed Assets Annulment of Bankruptcy

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Parties

Malcolm Thomas Wardle

Applicant

Official Trustee/Receiver

Respondent

Procedural Posture

Bankruptcy Application for Approval of Composition and Annulment / Application for Approval of Composition Under S.74 Bankruptcy Act 1966

Legal Issues

  1. 1 Whether the court should approve a proposed composition under s.74 of the Bankruptcy Act 1966 when its terms are subject to reservation regarding undisclosed assets

Ratio Decidendi

Approval was refused because the composition was conditional, reserving rights against possible undisclosed assets, which is inconsistent with the general purposes of the Bankruptcy Act with respect to compositions.

Court Disposition

application dismissed

Orders

  • The application will be dismissed.