On 12 August 2106, Mr. Trevor Hall solicitor on the record acting for Mr. Peter Walsh (Mr. Walsh is the lead applicant in the representative action proceedings) appeared in open court before Judge Driver in relation to a bankruptcy proceeding brought against him by the CBA.
His Honor made the following orders:
(i). I direct that the petition presented 24 November 2016 is adjourned pending the outcome of Supreme Court action 2016 of 86790 in the Supreme Court of New South Wales, or until further order of this Court;
(ii). I order for the purposes of Section 52(5) of the Bankruptcy Act 1966 Cth that the petition will lapse on 24 November 2017;
(iii). The petition and the respondent’s interim application (in which he seeks orders for discovery), is listed for directions before me on 7 November 2016 at 9.30 am;
(iv). I grant the parties liberty to apply for directions or orders on sort notice
(v). I note the undertaking given by Mr Walsh’s solicitor in open court before me that the respondent on the petition, Peter Walsh, will not seek to deal with his assets otherwise than in the normal course of business, where their value exceeds $10,000 within the extended period referred to in order (ii) above, without first giving the applicant bank 14 days notice in writing of his intention to deal with that assets / those assets;
(vi). I direct that the solicitor for Peter Walsh will cause a copy of his affidavit sworn 12 August 2016 and read on this morning’s hearing to be filed with the Court registry through the Commonwealth E-Portal.
The effect of the above is that we are now largely free to prosecute the representative action proceedings without having to answer to bankruptcy proceedings; and to all intent and purposes the bankruptcy action is now effectively finalised; save if there is a material adverse event in the representative action proceedings which would prevent Mr Walsh from prosecuting that action successfully.