Marks-Isaacs v Gunns Finance Pty Ltd (Receivers and Managers Appointed) (In liq)

The applicant, Marks-Isaacs, sought a stay of enforcement of a judgment debt from the Court of Appeal of New South Wales, pending an appeal against that judgment. The respondent, Gunns Finance Pty Ltd (in liq), opposed the stay, noting that the judgment debt was the basis for bankruptcy proceedings initiated against the applicant in the Federal Court.

The primary legal issue before the court was whether to grant a stay of enforcement of the judgment debt. This required the court to consider whether there was a reasonably arguable basis for seeking leave to appeal, and whether granting a stay would be prejudicial to the judgment creditor, particularly in light of the pending bankruptcy proceedings. The court had to weigh the balance of prejudice between the parties.

Basten JA dismissed the application for a stay, finding that the applicant had not demonstrated a sufficiently arguable basis for leave to appeal, nor had they established that the balance of prejudice favoured granting a stay. However, the court stood over the applicant's notice of motion to allow them an opportunity to renew the application for a stay, should further material become available. The costs of the day were to be costs in the motion for a stay.