30 Sept 2008
CHESTERFIELD PRESCHOOLS LTD AND ORS V THE COMMISSIONER OF INLAND REVENUE HC CHCH CIV 2004-409-001596
- Citation
- openlaw-aacbe299_c758_42d5_b762_db9ab8852474.pdf
- Court
- High Court
The court approved the Basecorp loan despite its high cost because there was no realistic alternative funding from the National Bank before the hearing, plaintiffs were entitled to effective legal representation and some funds would be applied to that end, and the transaction struck the correct balance between facilitating litigation and protecting creditor interests; a limited stay was granted to allow the Inland Revenue to apply for further relief.