THE OFFICIAL ASSIGNEE V STANFORD TRUSTEE SERVICES LIMITED AND MEGAN ALISON WATTS HC AK CIV 2007-404-000365

THE OFFICIAL ASSIGNEE V STANFORD TRUSTEE SERVICES LIMITED AND MEGAN ALISON WATTS HC AK CIV 2007-404-000365

Application dismissed because delay in seeking relief was not satisfactorily explained, creditors would be prejudiced by further delay, and applicant failed to produce credible evidence of an arguable defence to the summary judgment; the acknowledgement of debt and judgment are upheld and enforceable against trust assets (subject to trustees' liability being limited to trust assets).

Citation
openlaw-b386a453_d2ee_4056_ac58_c9528a7152ba.pdf
Parties
Plaintiff/respondent: The Official Assignee; Defendant/applicant: Stanford Trustee Services Limited; Defendant/applicant: Megan Alison Watts
Court
High Court
Jurisdiction
New Zealand
Judgment Date
20 March 2008
Procedural Posture
Bankruptcy / Trusts Enforcement Summary Judgment / Application to Set Aside Summary Judgment and Challenge Execution/appeal of Sale
Outcome
Application to set aside summary judgment dismissed; ancillary applications including to prevent writ of sale and appeal of sale also dismissed; costs awarded to Official Assignee.
Legal Topics
Summary Judgment, Setting Aside Judgment, Execution by Sale, Voidable Transaction, Trustee Liability, Insolvency Proceedings, Appeal Under S86
Insolvency Trusts Civil Procedure Property Law Summary Judgment Setting Aside Judgment Execution by Sale Voidable Transaction +3 more

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Parties

The Official Assignee

Plaintiff/respondent

Stanford Trustee Services Limited

Defendant/applicant

Megan Alison Watts

Defendant/applicant

Procedural Posture

Bankruptcy / Trusts Enforcement Summary Judgment / Application to Set Aside Summary Judgment and Challenge Execution/appeal of Sale

Legal Issues

  1. 1 Whether delay in applying to set aside summary judgment was reasonably explained
  2. 2 Whether plaintiff/creditors would suffer irreparable or prejudicial harm if judgment set aside
  3. 3 Whether there is a substantial/arguable defence to the summary judgment based on date/amount of the acknowledgement of debt

Ratio Decidendi

Application dismissed because delay in seeking relief was not satisfactorily explained, creditors would be prejudiced by further delay, and applicant failed to produce credible evidence of an arguable defence to the summary judgment; the acknowledgement of debt and judgment are upheld and enforceable against trust assets (subject to trustees' liability being limited to trust assets).

Court Disposition

Application to set aside summary judgment dismissed; ancillary applications including to prevent writ of sale and appeal of sale also dismissed; costs awarded to Official Assignee.

Orders

  • Application to set aside summary judgment dismissed
  • Application to prevent writ of sale dismissed