20 Jun 2008
NEW ZEALAND ASSOCIATED REFRIGERATED FOOD DISTRIBUTORS LIMITED V RICHARD GRANT SIMPSON AND RONALD WALTON HC WN CIV-2007-485-1563
- Citation
- openlaw-1c245756_2ee5_49a4_8cc8_c585251e6de8.pdf
- Court
- High Court
The PMSI was confined to goods supplied after perfection (23 December 2004) and unpaid at receivership and to traceable proceeds; PPSA s82 (commingling) did not apply to expand NZARFD's claim; issue estoppel failed; marshalling did not increase NZARFD's quantification; Companies Act s293 principles could not be invoked by the receivers to 'rule off' pre-perfection indebtedness between competing secured creditors; on the balance of probabilities and applying pragmatic tracing the Court quantified NZARFD's recoverable PMSI as $134,781.66 (stock on hand) plus 20% of $380,306 accounts receivable…