29 Jan 2013
The court refused to approve the proposed terms because the $50,000 over five years (approximately 6 cents in the dollar), loosely framed with no enforcement mechanism, falls so far short of satisfying the judgment debt that there is no justification to override the creditor's refusal; accordingly the application under s29(1)(b)(iii) is dismissed.
11 Aug 2011
The applications to set aside the bankruptcy notices and to approve the proposed payment plan were refused because the proposed payments (78 x $100 = $7,800) were plainly inadequate to settle the judgment debt of $67,687.87, the procedure advanced was akin to a Part 5 proposal (which cannot be approved in this bankruptcy notice procedure), without prejudice communications were inadmissible, and the Court would not exercise its inherent jurisdiction to set aside the notices in these circumstances.
2 Mar 2011
An application filed within the 10 working day period seeking the Court's approval of terms of payment operates as an application that extends the time for full compliance with the bankruptcy notice under High Court Rule 24.10 and thereby defers the commission of an act of bankruptcy; accordingly the creditor's adjudication application was premature and was struck out, and the debtor's application for payment terms was declined on merits due to hopeless insolvency and futility.