Where a respondent to appeal proceedings is made bankrupt, the appellant creditor is stayed under s 58(3) of the Bankruptcy Act from taking further steps in the appeal, and the respondent's rights in the proceedings (including any right to seek costs or dismissal) vest in the trustee as choses in action under s 58(1). The trustee must apply to be joined as a party before any further steps can be taken by either side. A mediation settlement agreement that records agreed terms and states 'It is agreed as follows' is likely immediately binding as a Masters v Cameron first category contract, notwithstanding a clause contemplating execution of a further deed of release.
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