lodged on 19th in WAThe Company has applied to set aside the...

lodged on 19th in WA

The Company has applied to set aside the statutory demand  on the basis that:

1. It is defective by reason of its failure to separately particularise the interest,

principal and other components comprising the total of Arena’s claimed debt;

2. There is a genuine dispute about whether the amounts claimed by Arena

are due and payable. In particular , the Company contends that it is not liable

to repay principal nor any termination payment claimed by Arena, due to the

fact that Arena breached an essential condition of the Unsecured

Convertible Note Deed by failing to pay Tranche 2B to the Company, in the

amount of $1.805m cash;

3. The Company has an offsetting claim, being damages for Arena’s breach and

unconscionable conduct. The Company’s preliminary estimate of its damages is

approximately $17.03m.

Im guessing Mr Ching is no ding a ling. IMHO