In the matter of Nanevski Developments Pty Limited (No 2)

Nanevski Developments Pty Limited applied to set aside a statutory demand made by the creditor, Wildtown Holdings Pty Ltd. The dispute arose under the Corporations Act 2001 (Cth) and was heard in the Federal Circuit Court of Australia. The applicant sought to set aside the demand on the grounds of "some other reason" as defined by section 459E of the Act. The application was contested by the respondent, who argued that the affidavit in support of the application was not made within the prescribed period and that there was no residual discretion to set aside the demand.

The court examined the procedural requirements for setting aside a statutory demand and whether the applicant had met the criteria set out in the relevant case law. Specifically, the court considered whether the affidavit was made within the prescribed period and if there were any exceptional circumstances warranting the exercise of a residual discretion. The court found that the affidavit was made a week before the hearing, which was not within the prescribed period, and that there were no exceptional circumstances to warrant setting aside the demand.

The court held that the statutory demand could not be set aside because the affidavit was made too late and there were no exceptional circumstances to warrant the exercise of a residual discretion. The court further found that the respondent's argument that there was no residual discretion to set aside the demand was well-founded. The court dismissed the application and made no order for the costs of the proceedings.

The final orders of the court were that the application to set aside the statutory demand was dismissed, and there was no order for the costs of the proceedings. The court relied on Wildtown Holdings Pty Ltd v Rural Traders Co Ltd (2002) 172 FLR 35; [2002] WASCA 196 and subsequent cases in reaching its decision.