29 Mar 2019
COMMERCIAL FACTORS LTD AND COMMERCIAL FINANCE AND SECURITIES LTD v DALTON AND KEMP AS LIQUIDATORS OF BRITISH PUB SUPPLIES LIMITED (IN LIQ) & ANOR [2019] NZCA 78 [29 March 2019]
- Citation
- [2019] NZCA 78
- Court
- Court of Appeal
The payments made by Bar Red Ltd were consideration for the purchase of BPSL's Spitting Feathers Bar business assets and not payment for the assignment of ECSL's leasehold interest; therefore those payments were not subject to Commercial Factors' GSA over ECSL's assets and the liquidators were entitled to retain the funds and deduct reasonable fees, so the appeal was dismissed.