19 Aug 2008
JAMES PRODUCTS LTD V APL INVESTMENTS LTD (FORMERLY KNOWN AS AEROSOL PRODUCTS LTD) AND ORS HC AK CIV 2005-404-004785
- Citation
- openlaw-51da6275_0f25_4f82_957b_47fd8000ab27.pdf
- Court
- High Court
The Court found evidential material (unfinalised and unreliable accounts, questionable valuation of trademark/stock/receivables, unexplained $321,696 reduction in shareholders' current account and weakened prior undertaking, and dependency on a single director for cashflow) gave reason to believe the plaintiff might be unable to pay adverse costs; but a full security order would likely prejudice the plaintiff's ability to continue the claim, so a partial security order was appropriate — payment into Court of NZD 100,000 and stay of proceedings until paid — and costs awarded to defendants on c…