30 Jun 2004
OORSCHOT V DANFOSS (NZ) LTD CA CA209/03
- Citation
- openlaw-d8c3bead_bc34_4738_b079_cb6aba88762f.pdf
- Court
- Court of Appeal
The appeal is dismissed because the payments did not operate to satisfy or reduce Danfoss's pre-receivership debt and, in any event, payments made by receivers pursuant to contracts entered into in the exercise of their powers are within the ordinary course of business and not voidable under s292; applying s292 to such receiver payments would frustrate the statutory and commercial scheme established by the Companies Act and Receiverships Act.