A statutory demand is a creditor’s formal, written request requiring an organization to pay a debt of no less than $4000 inside 21 days or face a possible courtroom order to declare the corporate bancrupt and wind it up.
The demand was filed by Brad Rankin and his Brisbane corporations Rankin Investments and Rankin Super, which entered right into a three way partnership with Big Pineapple Corp in 2011 for the event of land across the attraction at Woombye, on the Sunshine Coast hinterland.
The Big Pineapple was in-built 1971 to showcase Queensland’s agriculture to vacationers and the location now features a zoo and rainforest excessive ropes course.
Rankin demanded in April final 12 months that his funding be repaid after his companions within the three way partnership, Peter Kendall and CMC Property, refused to help his plan to promote the vacationer attraction to nationwide property developer Scott PDI for $35 million.
Kendall, of Brisbane, stated his place was “the Pineapple is not for sale”.
Justice Soraya Ryan dominated that there was a “genuine dispute” over the $5.5 million.
“I find that there exists a plausible contention, which requires investigation, that the debt was not due and payable on 30 June 2022,” Justice Ryan stated.
Rankin himself agreed in cross-examination that, from November 29, 2012, he understood that the Rankin Super mortgage was not going to be repaid except the three way partnership ended, or he left the three way partnership, the decide stated.
Source: www.9news.com.au
