19 Jul 2010
WALLACE V BBX FINANCIAL SOLUTIONS LTD AND ANOR HC AK CIV-2010-404-208
- Citation
- openlaw-19ebd565_7b66_47b4_a24d_c0524782b595.pdf
- Court
- High Court
The appeal was allowed because the plaintiffs failed to prove that the entity enforcing the guarantee (BBX Financial Solutions Ltd) had the contractual rights under the underlying agreement at the time the guarantee was given; the guarantee and membership agreement named different corporate entities, the contracting party that could claim the debt did not exist at the relevant time, and the District Court judgment was therefore given in favour of an entity that lacked entitlement (and had in fact ceased to exist).