17 Dec 2015
MADSEN-RIES v THOMPSON [2015] NZHC 3270
- Citation
- [2015] NZHC 3270
- Court
- High Court
The 2008 transfer was an undervalue disposition: the Trust assumed the BNZ mortgage (~$335,000) but there was no credible evidence of release of the ~$149,326.20 debt, creating an at least ~$150,000 shortfall to creditors; the transfer was also made with intent to prejudice creditors; Kiwi House had indefeasible title from the 2005 registered transfer; the IRD did not make any binding representation that estopped liquidators; the defendant had no substantial defence and offered no reasonable explanation for long delay, so there was no miscarriage of justice and the earlier formal proof judgme…