15 Mar 2019
SOLAR BRIGHT LIMITED v PATRICK MARTIN [2019] NZHC 447
- Citation
- [2019] NZHC 447
- Court
- High Court
The assignment of PATeye was not entered into in the ordinary course of Solar Bright's business (it disposed of the company's principal asset in the context of an intended liquidation), therefore the onus shifted to the Martins to prove fair value; the Martins failed to discharge that onus and provided no reliable valuation or adequate consideration, so Solar Bright validly avoided the transaction under s141 and is entitled to declaratory relief and restorative orders.