Pre-deposit compliance in RG 23A Part II was denied, though time for deposit was extended and stay conditions continued.

A request to modify a stay order so that the pre-deposit condition could be satisfied by debiting RG 23A Part II was rejected because the applicants' reliance on an earlier offer of part cash and part bank guarantee did not justify the change. The cited precedent was distinguished on the ground that no comparable offer had been made there. A provisional balance sheet was also not accepted as reliable evidence of financial position because it was uncertified by a Chartered Accountant. The modification application was therefore dismissed, but the time for making the deposit was extended and the earlier stay conditions were continued.

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Issues: Whether the applicants were entitled to modification of the stay order to permit compliance of the pre-deposit condition by debiting the amount in RG 23A Part II, and whether the time for deposit should be extended.

Analysis: The requested modification was based on the applicants' earlier offer to secure the pre-deposit partly by cash and partly by bank guarantee. The cited precedent was distinguished because no similar offer had been made there. The provisional balance sheet produced was not certified by a Chartered Accountant and was not accepted as reliable proof of the financial position. On that basis, the requested alteration of the stay order was not justified.

Conclusion: The modification application was rejected. The period for making the deposit was, however, extended and the earlier stay conditions were maintained.

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