10 Sept 2012
VNL HOLDINGS LIMITED V YARROWS FINE FOODS (AUSTRALIA) PTY LIMITED HC NWP CIV 2012-443-000162
- Citation
- openlaw-54d9ce12_626e_4815_857a_441cbb8ed0a0.pdf
- Court
- High Court
The Court concluded there was no evidence of agreement to repay the $1.35M by journal entries, the Deed of Undertaking and Westpac conditions required cash repayment and prior notice so the journal-entry theory failed, there was no reasonably arguable counterclaim under the Contractual Mistakes Act, and VNL did not demonstrate ability to pay; accordingly the statutory demand was not set aside though time to comply was extended.