7 Oct 2015
GLOBAL PACIFIC CORPORATION LIMITED v HANSLAY HOLDINGS LIMITED [2015] NZHC 2425 [7 October 2015]
- Citation
- [2015] NZHC 2425
- Court
- High Court
Global Pacific made out an arguable case that it earned its brokerage fee by procuring and presenting Killarney Capital's letter(s) of offer within the mandate agreement meaning it acquired a caveatable interest; the residual discretion to remove the caveat was not exercised because valuations and priority analysis showed sufficient freeboard to give Global Pacific a realistic expectation of some recovery and it has priority against the purchaser's later security, so the caveat should remain pending substantive proceedings.