30 May 2014
BLANCHETT AND MCQUOID v HM FORBES AND PM FORBES [2013] NZHC 1210
- Citation
- BLANCHETT AND MCQUOID v HM FORBES AND PM FORBES [2013] NZHC 1210
- Court
- High Court
The liquidators failed to prove that TSSN was unable to pay its due debts at the time of the challenged payments because ASB's additional overdraft accommodation from late June 2009 provided cash resources that, on the evidence, enabled TSSN to meet debts as they fell due during July–October 2009; accordingly the payments were not insolvent transactions and the liquidators' application to set them aside was dismissed.