Field v St George Bank [2009] FCA 1042

In this case St George sought to bankrupt the borrower on the basis of $6.8 million judgement debt. The borrower conceded that the Bank has established a prima facie entitlement to the bankruptcy order. However, he invited the Court to exercise its discretion to decline to do so as he had commenced Federal Court and Supreme Court proceedings claiming damages against the Bank, which, if successful, would enable him to pay the Bank or avoid his liability to it. The court examined the proceedings and found they had insufficient merit to justify a stay of the bankruptcy.

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