25 Feb 2009
GREYMOUTH GAS KAIMIRO LIMITED AND ORS V SWIFT ENERGY NEW ZEALAND LIMITED HC AK CIV-2009-404-000977
- Citation
- openlaw-6608d728_2299_43a3_8833_f80bcd3ec05d.pdf
- Court
- High Court
The Court held there was a serious question to be tried, Swift NZ had not met the objective requirement to disclose and demonstrate 'appropriate arrangements' for repayment in the changed financial circumstances, clause 3.4.2 did not prevent an injunction restricting how Swift NZ could direct payment under letter of credit 2, the balance of convenience and risk of irreparable loss favoured the plaintiffs, and therefore an interim injunction was granted requiring payment to be deposited into a specified New Zealand bank account pending further order.