29 Jul 2020
PLATEAU RETAIL SERVICES LTD v CBI COMPANY LTD [2020] NZHC 1862
- Citation
- [2020] NZHC 1862
- Court
- High Court
Substantial non-payment by CBI of the agreed purchase price and related instalments constituted breach of an essential term permitting cancellation of the SPA; PRS validly served notice and cancelled the SPA; the second affidavit demonstrated substantial compliance with HCR and was not fatal; title to the chattels did not pass because transfer was subject to grant of a GSA which never occurred; CBI failed to establish a plausible insolvency set-off under s 310 to defeat PRS's claim; therefore summary judgment was appropriate to declare cancellation and order delivery of the chattels.