1 Oct 2008
MASON V LEWIS AND ANOR HC AK CIV 2003-404-0936
- Citation
- openlaw-6d2c1b75_32c6_4e7a_b049_392839ceb454.pdf
- Court
- High Court
Having found breaches of ss135 and 194 and that s300(2) defence was unavailable, the Court held CFL's factoring agreement and debenture valid, fixed the creditor pool at $2,102,217, declined to treat Court of Appeal's obiter cap as binding, and exercised its equitable discretion to award compensatory contributions equal to 60% of the creditor pool (resulting in maximum total recovery capped at NZD 1,261,330) allocated between the defendants reflecting duration and culpability.
- Reckless trading (s135)
- Failure to keep accounting records (s194)
- Remedial declarations and compensation (ss300,301)
- Debt factoring and debenture validity
- Causation, duration and culpability in quantum assessment