29 Nov 2007
CAPITAL+MERCHANT FINANCE LTD AND ANOR V FORTRESS CREDIT CORPORATION AND ORS HC AK CIV 2007-404-007298
- Citation
- openlaw-764929d3_8656_48d0_8a1b_dbb8da77184a.pdf
- Court
- High Court
Although both the Borrower and Lender advanced arguable constructions of the financing documents (notably as to whether the limitation covenant breach triggered immediate default and whether the Put Option was exercisable), the balance of convenience and overall justice favored the lender: CMF had not paid the outstanding $565,624 and had not paid disputed sums into court, CMF's forecast recoveries were implausible and insolvency was likely, therefore injunctive relief restraining Fortress and the receivers was refused, interim orders were discharged and costs awarded to Fortress.