26 Apr 2012
AXA NEW ZEALAND NOMINEES LIMITED v NACHUM HC WN CIV-2011-485-2551
- Citation
- openlaw-f09f8ef1_7944_45e1_bbb5_6eaad6a5d7e5.pdf
- Court
- High Court
Because the creditor's security was over the judgment debtor's company and not over property owned by the debtor personally, the creditor was not a secured creditor for s14 purposes; the debtor was insolvent with an unavoidable shortfall and no s37 ground to refuse adjudication applied, therefore the Court must adjudicate the debtor bankrupt.