For rescission of a default judgment to succeed, an applicant must establish: (a) a reasonable explanation for the default; (b) that the application is bona fide; and (c) prospects of success on the merits. Where default is found to be wilful and demonstrates disdain for court rules, rescission will not be granted even if some issues on quantum may be arguable. An explanation for default will be assessed on the probabilities and must be worthy of belief in light of all circumstances, including the quantum involved, prior warning letters, and explicit directions in the summons. Personal service of a summons involving a substantial claim, preceded by demand letters, makes an explanation based on misplacement and forgetfulness inherently implausible and unreasonable.