11 May 2015
WIRE BY DESIGN LIMITED (IN RECEIVERSHIP AND IN LIQUIDATION) & ORS v COMMERCIAL FACTORS LIMITED & ORS [2015] NZHC 985
- Citation
- [2015] NZHC 985
- Court
- High Court
A binding contract incorporating the terms recorded in the 27 July 2010 email (except the rent assignment requirement) was formed and became binding on 3 August 2010; the obligations were validly assigned/novated to Wire By Design Limited on 22-23 November 2010 with CFL's consent; the break fee clause required payment of $100,000 when the factoring relationship ended before 3 January 2013 and is enforceable against the Tawil entities and guarantors; CFL was entitled to deduct the $20,000 success fee; WBD failed to establish entitlement to the $7,500 deduction challenge; CFL was entitled to co…