29 Jun 2015
NEWTON and DUNCAN COTTERILL NELSON TRUSTEES (2011) LIMITED AS TRUSTEES OF THE L NEWTON FAMILY TRUST v INFRATECH MINING LIMITED [2015] NZHC 1476
- Citation
- [2015] NZHC 1476
- Court
- High Court
The written loan agreements and contemporaneous communications plainly described the payments as loans repayable on the dates or on demand; the defendant did not set aside the statutory demand and failed to displace the presumption of inability to pay; the defendant's accounts showed liabilities exceeding assets and insufficient current funds, so the company was insolvent and a liquidator (the Official Assignee) should be appointed.