Hearing of application to set aside statutory demand
68.—(1)  On the hearing of an application under rule 67, the Court may either summarily determine the application or adjourn it, and may give such directions as it thinks appropriate.
(2)  The Court must set aside a statutory demand if —
(a)the debtor in question appears to the Court to have a valid counterclaim, set-off or cross demand which is equivalent to or exceeds the amount of the debt or debts specified in the statutory demand;
(b)the debt is disputed on grounds which appear to the Court to be substantial;
(c)it appears to the Court that the creditor in question holds property of the debtor or security in respect of the debt claimed by the demand and —
(i)rule 64(1)(e) has not been complied with; or
(ii)the Court is satisfied that the value of the property or security is equivalent to or exceeds the full amount of the debt;
(d)rule 64 has not been complied with and the failure to comply has caused or will cause substantial injustice to the debtor which cannot be remedied by any order of the Court; or
(e)the Court is satisfied, on any other ground, that the demand ought to be set aside.