11 Aug 2010
WATERFRONT CAPITAL TRUSTEE 1 LIMITED & ORS V HANOVER FINANCE LIMITED HC AK CIV 2009-404-006241
- Citation
- openlaw-3442caab_1b42_4399_81f8_f3620a39f7e5.pdf
- Court
- High Court
The application to set aside the statutory demands was dismissed: there was no substantial dispute as to the debt. Williams Land Ltd's execution bound the partnership and partners under s9 Partnership Act 1908; Hanover retained legal title (holding on trust for Allied) and thus remained a creditor entitled to issue statutory demands; the deeds of priority did not prevent Hanover pursuing the borrowers; and the applicants did not establish an arguable case of frustration of the loan agreement by events in Fiji.