An offsetting claim based on alleged secret profits received by an agent from clients of the principal possesses the requisite cogency to constitute a genuine offsetting claim under s 459H(1)(b), even without proof of the terms of the agency. Quantification of an offsetting claim need not be particularised to the last dollar; a plausible and coherent basis for asserting a claim exceeding the statutory demand amount, supported by extrapolation from documented instances, satisfies the 'not fanciful' requirement.
The full text is available to signed-in members, including the 55 later cases that cite this judgment.
7 of the 55 citing cases carry a classified treatment. How each court treated it is available to signed-in members.