22 Feb 2019
COLEBROOK v OKARAHIA DOWNS LIMITED [2019] NZHC 241 .
- Citation
- [2019] NZHC 241
- Court
- High Court
The Court concluded the plaintiff is a creditor entitled to pursue enforcement because the Agreement's express no set-off clause barred the defendant from withholding the Sharemilker's agreed percentage of Milk Payments and from asserting set-off to defeat the statutory demand; the arbitration/dispute resolution regime did not prevent the applicant using statutory demand/liquidation where the contract expressly forbids set-off; however the interest claim fell outside the no set-off clause and was at least arguably a penalty giving rise to a genuine dispute; s 310 set-off does not retrospectiv…
- Statutory demand
- No set-off clause
- Arbitration stay
- Insolvency set-off (s 310)
- Liquidation discretion
- Penalty/contractual interest