FEDERAL COURT OF AUSTRALIA

Nilant v Powell [2000] FCA 696

CHARLES PHILIPPE LOUIS NILANT v WAYNE DAVID POWELL

W7027 OF 2000

FRENCH J

22 MAY 2000

PERTH

THE COURT ORDERS THAT:

1.         That the composition under Part X of the Bankruptcy Act 1966 (“the Act”) of Wayne David Powell be terminated forthwith pursuant to s 242(1) of the Act.

2.         That the estate of Wayne David Powell be sequestrated pursuant to s 242(3) of the Act,

3.         That Charles Philippe Louis Nilant and Oren Zohar be appointed as joint trustees of the estate.

4.         That the applicant’s costs to be taxed and paid out of the said bankrupt estate.

Note:    Settlement and entry of orders is dealt with in Order 36 of the Federal Court Rules.

IN THE MATTER OF WAYNE DAVID POWELL

REASONS FOR JUDGMENT ON APPLICATION

FOR TERMINATION OF COMPOSITION

1                     I am satisfied, having regard to the non-compliance by the debtor with the terms of the composition, that:

(i)         the composition cannot be proceeded without undue delay to the creditors;

(ii)        in any event by reason of the non-compliance with the terms of the composition it ought to be terminated.

2                     I am satisfied that having regard to the powers available to the trustee to be exercised in the interests of the creditors it is in their interests that the composition be terminated.  There is at least the possibility of some further recovery which seems remote if the composition is allowed to stay on foot.

Associate:

Dated:                 May 2000