23 Nov 2012
HORTON AS LIQUIDATOR OF SHAFTSPRY LIMITED (IN LIQ) V COWLEY AND COWLEY AS TRUSTEES OF THE RENTALENGTH TRUST HC AK CIV-2011-404-5022
- Citation
- openlaw-6f23bac3_4313_4556_b445_f16871305eec.pdf
- Court
- High Court
The shareholders' resolution of 8 May 2008 bound the company and created an equitable variation allowing interest to be charged, but it did not provide for backdated interest so interest runs from the resolution date; mortgagees who retained backdated interest must account to the liquidator under s305; the agreement to mortgage of 22 July 2008 was voidable under s293 and set aside; the term loan contracts could not be set aside in this proceeding for lack of a proper s294 notice; the Cowleys failed to prove the company could pay its due debts on 8 May 2008 and 22 July 2008; further factual de…