5 Aug 2009
MAGIC CARPET RIDES LIMITED V ACS 2006 LIMITED HC AK CIV-2009-404-002130
- Citation
- openlaw-e3f67bb4_fa67_4af1_a9c6_bec5b4a7d005.pdf
- Court
- High Court
The statutory demand was not set aside and was not complied with within the prescribed time, creating a rebuttable presumption of insolvency; the respondent remained a creditor because no binding compromises discharged the debt in full and at best reduced it to $4,000 which was unpaid; the applicant failed to demonstrate an arguable defence or solvency and therefore special leave under r31.20 must be refused.