In ACM Group Limited v McClymont [2014] FCCA 2581 the defendant argued that Westpac should account to him for the amount it received for the debt from the petitioning creditor because it was his signature on the credit contract that created the asset that Westpac sold or assigned to the petitioning creditor, and that having created the asset by his signature via “Book-entry credits“, it was his asset and Westpac was not entitled to sell it. He insisted: “The First Defendant JOHN DAVID MCCLYMONT, the person is not me, my name is John David McClymont, I am a living breathing being, a sovereign Australian.” He attempted various debt elimination strategies including a foisted contract, demanding the creditor produce a “wet ink original copy of the contract”, contending that the outstanding debt, if any existed, had been paid by an Electronic Funds Transfer (EFT) payment, via a promissory note, since promissory notes are “treated as cash”, per Lord Denning M.R. in Fielding & Platt Ltd v Selim Najjar [1969].
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