28 Apr 2016
Because Taimona established a genuine and substantial dispute as to the debt and Cable Price's evidential foundation was insufficient (the Bateson affidavit was inadmissible hearsay without s18 foundation and Cable Price did not obtain s288 leave), the Court refused to determine the merits in a liquidation application and dismissed the liquidation application.
29 Aug 2013
Service of the statutory demand by leaving it at the company's registered office complied with s 387(1)(c) and was valid; although the director did not acquire actual knowledge in time to apply to set aside the demand, that lack of knowledge is a relevant discretionary factor on a stay application. Jan Bain proved genuine and substantial disputes as to specific invoices (double charges totalling $1,352.24 and marina berth charges totalling $9,190.12) so it would be an abuse of process to proceed on those items without leave under s 288(5); the remaining invoices totaling $10,964.99 are not di…
5 Sept 2008
The court accepted the creditor's evidence (trust ledger statement and director's post-completion spreadsheets) establishing a $164,000 advance on 4 October 2002 and terms (repayable on or before issue of titles, interest 10% pa compounding). There was no bona fide, substantial dispute over existence or terms of the loan and the Credit Contracts Act did not apply because the introducer was not a paid adviser; accordingly the s290 application to set aside was dismissed and the court ordered liquidation under s291(1)(b) with deferred effect.