16 Apr 2014
RFD FINANCE LIMITED v SOL MANAGEMENT LIMITED (in liquidation) [2014] NZHC 801
- Citation
- [2014] NZHC 801
- Court
- High Court
The Court set aside the statutory demand under s290(4)(a) because RFD produced material short of proof that established a genuine and substantial dispute as to whether Sol in fact owned or advanced the $80,000. The contemporaneous bank and ledger entries were inadequate to establish Sol's beneficial ownership given credible affidavit evidence that the funds originated with Tomanovich and Sol's account functioned as a conduit; accordingly the statutory demand could not stand. The Court granted leave to use Mr Patel's affidavit and did not resolve the separate challenge to the liquidator's auth…