2 Dec 2008
NOYCE & ANOR V COREL HOMES LIMITED HC AK CIV 2008-404-002928
- Citation
- openlaw-53b3c6ae_26f6_46f1_ad6f_1d39dad1f66f.pdf
- Court
- High Court
The liquidators proved all elements of s298(2)(c): there was a disposal of Hogans property to Corel, Corel was controlled by Hogans director Mr Orrell at the time, the transfer price ($330,000) was substantially less than the reliable pre-subdivision valuation ($550,000), and the transfer occurred within three years of liquidation; accordingly liquidators were entitled to recover the difference of $220,000 plus interest and costs.