Practitioners seeking a stay of a money judgment to avoid winding up should note that without an offer to pay the judgment debt into court, a stay may be refused as having no utility — the creditor's statutory demand will likely not be set aside for 'some other reason' under s 459J(1)(b), and the deemed insolvency and consequent loan defaults will occur regardless of the stay. The court also confirmed that winding-up applications are likely to be adjourned where an appeal on arguable grounds is pending, reducing the urgency of the stay.
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