15 May 2015
GIBSON AND ANOR v ROBERT BURNES TRUSTEE (2009) LTD AND ORS [2015] NZHC 1022
- Citation
- [2015] NZHC 1022
- Court
- High Court
The SSAs were not transactions in the ordinary course of NZF's business given their novelty, timing during an acute liquidity crisis, involvement of a related party, the absence of Trustee consent or required valuation/evidence, and the urgent, non-routine purpose; accordingly the SSAs could not defeat the Trustee's prior floating charge and the Trustee's interest prevails over the Hillview Trust interests.