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Insolvency – Statutory demand. The Bankruptcy High Court allowed the applicants' application to set aside statutory demands made on them following the failure of a venture to develop land. The applicants submitted that their relationship with their bank had been such to suggest the existence of a joint venture, and that there was a possibility of a cross-claim against the valuer of the company that they had formed. The court held that the debts, or their enforceability, were disputed on substantial grounds and/or the applicants appeared to have a cross claim that was likely to equal or exceed the amount claimed in the demands.
Insolvency – Statutory demand. The Bankruptcy High Court allowed the applicants' application to set aside statutory demands made on them following the failure of a venture to develop land. The applicants submitted that their relationship with their bank had been such to suggest the existence of a joint venture, and that there was a possibility of a cross-claim against the valuer of the company that they had formed. The court held that the debts, or their enforceability, were disputed on substantial grounds and/or the applicants appeared to have a cross claim that was likely to equal or exceed the amount claimed in the demands.
Our call for sufficient resources for the justice system and for the Bar to scrutinise the BSB’s latest consultation
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