20 Dec 2023
OFFICIAL ASSIGNEE v 22 O’SHANNESSEY LTD [2023] NZHC [3766]
- Citation
- [2023] NZHC
- Court
- High Court
The court applied the principle that a guarantor's contingent liability is to be treated as a debt for the purposes of s205 (so collateral held by the creditor is not deducted in assessing the donor's ability to pay unless the case is patently exceptional), found the defendants did not rebut the s205 presumption and on the parties' best case valuations the bankrupt's liabilities exceeded his assets, and therefore summary judgment for the defendants was dismissed.