A prospect of bankruptcy or winding up is not of itself sufficient to warrant a stay of execution pending appeal. An applicant for a stay must provide satisfactory evidence of their financial position and demonstrate the merits of the appeal. Where the appeal challenges findings of fact based on credibility assessments, the prospects of success will generally be assessed as low. An alternative remedy may be available under ss 41(6A) and 41(6C) of the Bankruptcy Act 1966 (Cth) to extend time for compliance with a bankruptcy notice.
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