31 May 2018
JACKSON and GRAHAM v WYNYARD GROUP LIMITED (IN LIQUIDATION) [2018] NZHC 1283
- Citation
- [2018] NZHC 1283
- Court
- High Court
The court held that the advances made by Wynyard Group Ltd to Wynyard (NZ) Ltd up to 22 February 2016 constituted debts repayable on demand; the 23 February 2016 support letter operated prospectively only, gave Wynyard (NZ) Ltd a right to require capitalisation of advances made after that date (a right never exercised), and did not convert earlier advances to equity; accordingly Wynyard Group Ltd's claim for $171,010,268.43 is legally enforceable and is admitted in full under s 303.