7 Jul 2015
BTC GROUP LIMITED v M PALA and I LUTHERA [2015] NZHC 1561
- Citation
- [2015] NZHC 1561
- Court
- High Court
The defendants executed a written, continuing personal guarantee and indemnity in the credit application making them jointly and severally liable; BTC did not take possession of the collateral and the administrator sold the stock as agent of the company rather than as BTC's agent, with no evidence of undervalue or breach of PPSA duties; accordingly the defendants have no arguable defence and summary judgment is appropriate for the outstanding debt and contractual interest, service charges and costs.