9 Mar 2010
SAGE SECURITIES LTD V HM ROOD & ORS HC WN CIV-2009-485-1150
- Citation
- openlaw-8eb61217_4741_4240_bcb3_3b166ef339d1.pdf
- Court
- High Court
There is a fairly arguable and substantial dispute whether the respondents' funds were advanced to Sage Securities as loans or were held by Sage Securities as trustee such that the statutory demand could not properly be enforced by liquidation; accordingly the statutory demand is set aside under s290(4)(a) subject to conditions requiring disclosure of actual borrowers and steps to call up and realise securities, and the court declined to refuse relief in the exercise of its residual discretion.