19 Jul 2012
HYDRO DEVELOPMENTS LIMITED V CHRISTOPHER JOHN COLL HC GRY CIV-2012-418-000033
- Citation
- openlaw-22d46632_a42f_4d4e_ad20_888dfd7e538a.pdf
- Court
- High Court
There was a sufficient evidentiary foundation of a genuine and substantial dispute as to whether the shareholder advances were repayable on demand (given conflicting affidavits, the commercial context of a start-up funded by shareholder advances and absence of decisive contemporaneous documentation), therefore the statutory demand must be set aside; further, issuing and opposing the demand in the context of the concurrent s174 proceedings was inappropriate and warranted an uplift in costs.