18 Jun 2015
MCCULLAGH AND LAWRENCE v UNDERWRITERS SEVERALLY & ORS [2015] NZHC 1384
- Citation
- [2015] NZHC 1384
- Court
- High Court
Section 9 of the Law Reform Act 1936 does not create a charge over moneys paid or payable by insurers that are based overseas; the statutory charge descends on the happening of the insured event against insurance moneys payable by the insurer and cannot belatedly attach to payments once made to the insured in New Zealand; therefore the moneys payable or paid under the three policies are not subject to a s 9 charge and will form part of BMX's general assets, and the liquidators are permitted to negotiate reasonable settlements.