| IN THE FEDERAL COURT OF | AUSTRALIA | 1 |
| GENERAL DIVISION | ) |
| BANKRUPTCY DISTRICT OF THE SOUTHERN | ) |
| DISTRICT OF THE STATE | OF QUEENSLAND | ) |
| RE: | F.G. | METCALF |
| EX | PARTE: | WALTONS CREDITS LIMITED |
MINUTES OF ORDER
| JUDGE MAKING ORDER: | PINCUS J. |
| 28 | ORDER: | DATE OF | OCTOBER 1988 |
| WHERE MADE: | BRISBANE |
| THE COURT ORDERS THAT: |
| 1. | the sequestration made | on 1 October, be resclnded. |
| NOTE : | Settlement and entry of orders is dealt wlth In |
| - |
| Rule 124 of the Bankruptcy Rules. | |
| IN THE | FEDERAL COURT OF AUSTRALIA | ) |
| GENERAL DIVISION | ) | QLD p448 of 1988 |
| BANKRUPTCY DISTRICT OF THE SOUTHERN | ) |
| DISTRICT OF THE STATE OF QUEENSLAND | ) |
| RE: | F.G. | METCALF |
| EX | PARTE: | WALTONS CREDITS LIMITED |
PINCUS J.
EX TEMPORE REASONS FOR JUDGMENT
| In thls matter the | applicant applies, by | MC Lee, to |
rescind a sequestration order which was made on 1 October on the
| petition of | Waltons Credits Limited; MC Tunn appears for the |
petltloning creditor and consents.
| Some contact has been made | with some of the creditors |
| and one | of them is represented | by MC Edgecombe, who does not |
object. The evidence does not establish that the creditors have
been contacted, although some of them have been. The difficulty,
as 1 see it, is the Waltons’ tactlc (perfectly legitimate, of
course) of bringing bankruptcy proceedings has obtained them their
| debt and it occurred | to me | that other | creditors, there being |
20-odd, may try the same.
No doubt with this in mind it appears that an attempt
was made to make an arrangement with the creditors and that seems
| to have fallen through. | Mr | Metcalf has given evidence to the |
effect that his immediate difficulty is non-payment of debts due
to him, and I must say that on his account of the matter one would
not be surprised if he continues to have trouble in recovering the
| It may be that his legal advisers will have | to | give |
further consideration to making an arrangement with creditors.
However, that is a matter for them and Mr Metcalf.
In the circumstances it seems to me likely to be in the
| interests of the creditors generally and | Mr Metcalf to rescind the |
sequestration order and it will be so ordered.