Wednesday 27 November 2013

Godfrey delivers dollars to discharge debt

IT seems Murray Godfrey has found the $160,000 he needed to stave off potential bankruptcy. 

In the Federal Court today, lawyer Carlos Toda produced details of an arrangement that enables his client to avoid an embarrassing and potentially career-disrupting creditor's petition application. 

If it had proceeded, the hearing could have seen the Veritas Advisory founder bankrupted, forcing the cancellation or suspension of his liquidator's registration. Instead, the matter's been dismissed by consent.

The petition was brought by applicant creditor Graham Werry of Weriton Finance on October 23, 2013.

18 months earlier Godfrey had consented to District Court orders requiring him to pay Werry $160,000 by December, 2012. 

The deadline was missed and Werry turned up the heat, serving Godfrey - a registered liquidator and an official liquidator of the Supreme and Federal Courts - with a bankruptcy notice.

That was on July 5, 2013. Godfrey immediately sought to have the notice stayed or set aside. 

His application was dismissed and a sequestration order loomed. But at the 11th hour Godfrey produced something his pursuer is prepared to accept.

When contacted today Werry declined to go into detail, but he sounded very satisfied. Godfrey was less forthcoming.

Federal Court registrar Geoffrey Segal ordered that copies of the sealed consent agreement and other documents be delivered to the Official Receiver within two days.

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