6 Jan 2017
ARC TRADE FINANCE FUND v. TES GROUP LTD
- Citation
- ARC TRADE FINANCE FUND v. TES GROUP LTD
- Court
- District Court
- Case number
- DCCJ2783/2015
The defendant's application to set aside the summary judgment was dismissed because the Agreement is a true sale of receivables (not an MLO catchable loan or otherwise exempt), the indemnity in clause 10.01 properly entitled the plaintiff to demand repayment upon the debtor's dispute and supported Aztec's Unwind Notice, the proposed implied terms were unjustified, the identity typo did not defeat plaintiff's locus standi, and the defendant failed to show a defence with a real prospect of success; plaintiff entitled to costs on full indemnity basis under clause 10.01.