6 May 2009
DENNING TRUSTEE LTD V WATERCARE SERVICES LTD HC AK CIV 2008-404-002406
- Citation
- openlaw-66902065_e7f0_4be2_a167_f5480a402386.pdf
- Court
- High Court
The undertaking by Lake Gardens no longer provided sufficient security because the reporting conditions had been triggered and credible evidence showed reduced recoverable equity (increased borrowings, construction overruns, ongoing vacancy and market softening); accordingly the security order was varied to require Denning to provide $100,000 security by payment into court, bank bond, or other agreed security, and the proceeding was stayed until compliance.