12 Nov 2013
RABOBANK AUSTRALIA LIMITED v TOOTELL [2013] NZHC 2975
- Citation
- [2013] NZHC 2975
- Court
- High Court
Although jurisdictional requirements for adjudication were met, the Court must exercise discretion under s 37; the debtor failed to discharge the onus to show it would be just and equitable or otherwise sufficient to refuse adjudication because (i) there is a real prospect of shortfall from receivership realisations, (ii) the timing and terms of the s 21 relationship property agreement raise legitimate suspicion of defeating creditors, and (iii) the debtor failed to cooperate with receivers; accordingly adjudication was appropriate so the Assignee can investigate and administer the estate.