ASB BANK LIMITED v SCHWANNER [2016] NZHC 136

ASB BANK LIMITED v SCHWANNER [2016] NZHC 136

The court adjudicated the debtor bankrupt because the debt was longstanding with judgment entered in April 2015, the debtor had ample time and opportunity to pay but offered only future, speculative means of payment and no assets, and the creditor lacked confidence in repayment; fairness did not require further adjournment.

Citation
[2016] NZHC 136
Parties
Judgment Creditor: ASB Bank Limited; Judgment Debtor: Franz Marcus Schwanner
Court
High Court
Jurisdiction
New Zealand
Judgment Date
11 February 2016
Procedural Posture
Bankruptcy Adjudication Under the Insolvency Act / Hearing on Application for Adjudication Order
Outcome
Judgment debtor adjudicated bankrupt.
Legal Topics
Adjudication Order, Debt Enforcement, Costs
Insolvency Bankruptcy Civil Procedure Adjudication Order Debt Enforcement Costs

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Parties

ASB Bank Limited

Judgment Creditor

Franz Marcus Schwanner

Judgment Debtor

Procedural Posture

Bankruptcy Adjudication Under the Insolvency Act / Hearing on Application for Adjudication Order

Legal Issues

  1. 1 Whether the judgment debtor should be adjudicated bankrupt
  2. 2 Whether the debtor has a realistic prospect of paying the judgment debt
  3. 3 Whether fairness requires further adjournment or an opportunity to pay

Ratio Decidendi

The court adjudicated the debtor bankrupt because the debt was longstanding with judgment entered in April 2015, the debtor had ample time and opportunity to pay but offered only future, speculative means of payment and no assets, and the creditor lacked confidence in repayment; fairness did not require further adjournment.

Court Disposition

Judgment debtor adjudicated bankrupt.

Orders

  • Adjudge Franz Marcus Schwanner bankrupt effective 11 February 2016 at 10:12 a.m.
  • Judgment creditor granted 2B costs and disbursements as fixed by the Registrar.