19 Jul 2012
GRANT AND KHOV AS LIQUIDATORS OF BLUNDELL COFFEE CLUB LIMITED (IN LIQUIDATION) V SHEARS AND MAC LIMITED HC AK CIV-2011-404-3866
- Citation
- openlaw-d6de79f3_e1bd_4bdc_8220_ff7c27161e4a.pdf
- Court
- High Court
The $10,000 payment was not proved to be an insolvent transaction because liquidators could not establish Blundell was unable to pay its due debts on 20 October 2009. The $8,750 payments fell within the restricted period and were therefore presumed insolvent transactions; the presumption was not displaced. Shears and Mac satisfied good faith and lack of reasonable grounds to suspect insolvency but failed s 296(3) because it did not alter its position after receipt of the impugned payments (failure to have perfected security did not constitute a post-payment alteration of position that changed…