New Zealand Case Law: Decisions & Judgments

HOLDGATE V BLOCASSA LIMITED & ANOR HC AK CIV 2005-404-002693

Citation

openlaw-23345cc4_89e4_47e7_af2d_3344a1448b25.pdf

Court

High Court

The adjudication of 7 December 2005 was annulled because the condition relied upon — payment of post-adjudication interest to all creditors and repayment of the surplus to the applicant — had been satisfied and the Official Assignee did not oppose annulment; costs were to lie where they fall.

13 Feb 2008

A N HOLDGATE V BLOCASSA LIMITED AND ANOR HC AK CIV 2005-404-002693

Citation: openlaw-11a99219_7755_4f08_b3b7_e5cd61b453e5.pdf
Court: High Court

The phrase 'the debts of the bankrupt' in s119(1)(b) refers to debts admitted by the Assignee under s89 and does not include post-adjudication interest which is not provable except as permitted by s87/s94; accordingly post-adjudication interest is not a prerequisite to satisfy the threshold for annulment, but annulment will not be granted here because the bankrupt failed to demonstrate the source and independence of proposed third-party funds and has not cooperated, so the application is adjourned pending resolution of appeals and further proof.