19 Jun 1987
ASSOCIATED RECOVERIES (ORIENT) LTD v. PHILIP JOHN ASHBY
- Citation
- ASSOCIATED RECOVERIES (ORIENT) LTD v. PHILIP JOHN ASHBY
- Court
- Court of Appeal
- Case number
- CACV41/1987
The court held that regardless of the label 'advance' or 'loan', the defendant was indebted to the company and, on his leaving employment, an implied term (or on demand) required settlement; consequently the company was entitled to recover the sums claimed (limited on appeal to $23,100) and the defendant's defence that the sums were not repayable until dividends were declared failed.