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A creditor served a statutory demand based on a number of guarantees. The debtor contended that he had a cross-claim which equalled or exceeded the sum sought. He contended that the debt was secured on an insurance claim by one of his companies and, in breach of its equitable duties owed to him as guarantor, the creditor failed to take proper care to obtain the true market value for the claim, by settling it at too low an amount, and thereby caused him loss.
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