15 Oct 2010
NYLEX (NEW ZEALAND) LIMITED (IN RECEIVERSHIP & IN LIQUIDATION) V INDEPENDENT TIMBER MERCHANTS CO-OPERATIVE LIMITED HC AK CIV-2010-404-002207
- Citation
- openlaw-d135311c_f637_49e4_906e_54bda6bf6194.pdf
- Court
- High Court
The Member Loyalty Programme benefits were earned by individual transacting shareholders and not ITM, so they were not contractually available for set-off by ITM; furthermore, any equitable/non-contractual set-off cannot be relied on because Nylex was in administration/receivership and liquidation and the Companies Act's mutuality-based statutory set-off rules apply, with no mutuality between ITM and Nylex, therefore ITM has no defence and judgment must be entered for Nylex.