24 Apr 2009
JR PALAIRET AND DW PEARSON V TURBO ASSOCIATES LIMITED HC NAP CIV 2008-441-37
- Citation
- openlaw-f2fb0cde_f10f_47d8_ad43_befbb65e6e8f.pdf
- Court
- High Court
Court found the effective date was 26 February 2008; the company was insolvent then; evidence (contract clause and ledger entry) established the transfer was in satisfaction of an inter-company debt and therefore preferred Turbo, disadvantaging the general body of creditors; transaction was set aside under ss292 and 294 and Turbo ordered to pay $51,734 to the company under s295(c); ANZ's subsequent security over the goods is not affected by setting aside (s296(1)).