22 Dec 2005
MURRAY AND ORS V MOREL AND CO LTD AND ORS CA CA86/04
- Citation
- openlaw-6baf8fbf_8866_4e6e_93c7_5b87590a0bfe.pdf
- Court
- Court of Appeal
The Court held the allotment breached s 37(2) because the minimum $1.3m was not paid to and received by the issuer within the four‑month statutory period (the Hadlow arrangement did not constitute payment before the deadline); reasonable discoverability is not a general accrual rule for all causes of action; s 28 may postpone limitation where fraud is pleaded but defendants must adduce evidence on strike‑out to displace plaintiffs' allegations; on balance causes 2–9 should be reinstated for trial while causes 1 and 10 remain struck out.