| JUDGMENT No. ..!?!?l | ... 1.3- |
| IN THE FEDERAL COURT OF AUSTRALIA | ) |
| GENERAL DIVISION | |
| BANKRUPTCY DISTRICT O F THE | ) |
| STATE OF NEW SOUTH WALES AND THE | ) |
| AIJSTRAIJAN CAPITAL TERRITORY | ) |
Debtor
| EX PARTE: | COMMISSIONER OF TAXATION |
| Date: | 3 July 1990 |
| h: | Sydney |
REASONS FOR JUDGMENT
EX TEMPORE
| This is an application for the adjournment of a petition. | Mr Taglioli has debts |
| of $70,000 or more, and apparently no realisable assets. | He has an Interest in a company named |
| Vis~on | MUSIC | Pty Limited which has certain copyrights or ~nanagerial | contracts which may be |
valuable.
| negotiations, and to the hopes for a spccdy rcsult |
| The petition has becn adjourned on a number of occasions. | In his earlier |
| affidavits Mr Tagliol~ | said that he was seeking to sell h ~ s | interest 111 Vision Music Pty Limited, |
| and had entered into negotiations. He was expecting to f~nalise | those negotidtioris in a short time. |
| Subscqucntly, he is looking again to sell copyrighls, or sell r~ghts, | or to generate income from his |
| contacts and business associations in the music world | Each of his |
| However, the last affidavit that has been Iiled shows no progress. | It shows s~mply |
| that Mr Tagliol~ | is still carrying on h ~ s | bus~ness | in the music world and he is still hoping to make |
| money. | The aff idav~t | from h ~ s | solicitor annexes two letters which say little of his funds or |
circumstances, but one lettcr says:-
"I am currently in Canada ncgotiating with Polygram Records,
Warner Bros Records and Capitol Records, for a Canadian rclease.
I will be travell~ng to New York and Los Angclcs to hold talks with Polygram Records, A & M Records, Atlant~c Records, Geffcn Records and M C.A. Records, who are all ~ntercsted in
| obta~ning | rights | in | Vis~on Music. |
also be talking to several Managcment and Publishing Companies during the Month of July."
| Hc hopes to havc some result in four to six wceks. | Anothcr letter says:- |
"I am currently ncgot~ating w ~ t h 7 Record and Publishing Compan~es on behalf of Polygram Records Austral~a and BB Steal.
We have a tentative offer of $150,000 U.SD. from
Warner/Chappcll".
Mr Taglioll hopes to have all payments by 30 September. The lctters do not progress the matter
at all They simply show that Mr Tagl~oli is carrying on his act~vities in thc music world. He does not sccm to have made any progress and having regard to the length of time that this
petltion has been on foot, I think that the proper course 1s now to refuse any further
| adjournment |
| I ce r t~ fy | that this and the |
preceding age are a true copy of the reasons for judgment of the Honourable Mr Justice Davics