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G's application to set aside the bank's statutory demand was dismissed. G sought to appeal, and obtained an order that the statutory demand be stayed pending that appeal. Asplin J granted the bank's application to lift the stay. The appeal stood little chance of success, and the bank should be entitled to proceed in order to protect the interests of the general body of G's creditors.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...