13 May 2020
DALTON and KEMP v AVANTI FINANCE LIMITED [2020] NZHC 1020
- Citation
- [2020] NZHC 1020
- Court
- High Court
The plaintiff liquidators failed to establish transactions at undervalue under s297: Avanti made advances (drawings) at Fabri-Cell's request and Fabri-Cell received value in the form of those advances and consequent reduction of indebtedness (including payments made on Fabri-Cell's behalf by JSR); the taking of security interests over invoices and the existence of registered security over forklifts did not constitute measurable transfer of monetary value to Avanti for s297 purposes; accordingly no recoverable undervalue arose and the proceeding is dismissed.