9 Mar 2020
SHEPHARD & KELLOW v WAKEFIELD PLANT LTD [2020] NZHC 439
- Citation
- [2020] NZHC 439
- Court
- High Court
The Court concluded that the challenged payments were, in substance, repayments that reduced the group's secured indebtedness to BNZ and therefore did not result in WPL receiving more in liquidation; alternatively the payments formed part of a continuing business relationship (a running account) between ECL, WPL and BNZ under s292(4B); additionally WPL satisfied the s296 alteration of position defence, so the liquidators' application to set aside the transactions failed.