1 Sept 2008
FOUNDATION SECURITIES (NZ) LIMITED V ROBYN MARIE CASE HC AK CIV 2007-404-6964
- Citation
- openlaw-79d0f71d_0933_47f1_9034_a617a9e6aa0b.pdf
- Court
- High Court
The petitioning creditor proved an available act of bankruptcy (failure to comply with a properly served bankruptcy notice), the debtor failed to demonstrate ability to pay debts as they arise or within a reasonable time, and the petitioning creditor's security was effectively valueless or exceeded by creditors (and would be lost to IRD priority under s50); accordingly the Court must adjudicate the debtor bankrupt and grant the petition.