WORKING CAPITAL SOLUTIONS HOLDINGS LIMITED v PEZARO [2014] NZHC 1020

WORKING CAPITAL SOLUTIONS HOLDINGS LIMITED v PEZARO [2014] NZHC 1020

WCSH failed to satisfy the Court that none of the grounds in s162 applied because it produced no evidence of any present indebtedness secured by the registered GSA and relied on contingent future possibilities; accordingly the Court was not satisfied that s162(a) did not apply and refused to make a s167 order, discharging the interim order and directing the financing statement be removed.

Citation
[2014] 3 NZLR 379
Parties
Applicant (secured Party / Lender): Working Capital Solutions Holdings Limited; Respondent (borrower / Guarantor / Grantor): Sarah Jane Pezaro
Court
High Court
Jurisdiction
New Zealand
Judgment Date
15 May 2014
Procedural Posture
Application Under Personal Property Securities Act 1999 to Maintain a Financing Statement (s167) / Hearing on Application to Confirm Interim Order (application Judgment)
Outcome
Application dismissed; interim order discharged; registered financing statement to be discharged
Legal Topics
Financing Statement, Maintenance of Registration, Section 167, Section 162 Demand, Discharge of Security Interest, Assignment of Security Agreement, Priority and Perfection
Personal Property Securities Contract Security Interests Insolvency/procedural Law Financing Statement Maintenance of Registration Section 167 Section 162 Demand +3 more

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Parties

Working Capital Solutions Holdings Limited

Applicant (secured Party / Lender)

Sarah Jane Pezaro

Respondent (borrower / Guarantor / Grantor)

Procedural Posture

Application Under Personal Property Securities Act 1999 to Maintain a Financing Statement (s167) / Hearing on Application to Confirm Interim Order (application Judgment)

Legal Issues

  1. 1 What standard of satisfaction applies under s167 (meaning of 'satisfied')
  2. 2 Whether any ground under s162 exists, specifically s162(a) (all obligations performed)
  3. 3 Whether applicant proved any existing indebtedness secured by the registered GSA

Ratio Decidendi

WCSH failed to satisfy the Court that none of the grounds in s162 applied because it produced no evidence of any present indebtedness secured by the registered GSA and relied on contingent future possibilities; accordingly the Court was not satisfied that s162(a) did not apply and refused to make a s167 order, discharging the interim order and directing the financing statement be removed.

Court Disposition

Application dismissed; interim order discharged; registered financing statement to be discharged

Orders

  • Registered financing statement FP1P97543V84MM78/C0004 to be discharged from the Personal Property Securities Register
  • This order to lie in Court for 5 working days