28 May 2010
Because BETA was obliged to make the statutory application and Southern Cross's intervention produced some increase in the purchase price, the Court exercised its discretion to assess overall costs and awarded a reduced sum of $3,000 to BETA rather than the $10,800 claimed.
13 Apr 2010
The Court will approve a mortgagee purchasing under s200(3)(d) only if satisfied the mortgagee has been entitled to sell, has conducted appropriate marketing, and the proposed purchase price reflects the best price reasonably obtainable; on these facts the Court approved the Society's purchase at NZD 3,700,000 as it equalled the highest unconditional offer received and lay within the forced sale valuation range.
29 Jul 2009
Given that there was an unrepaired default, the mortgagee was entitled to exercise the power of sale, the market had been tested by marketing and an auction that produced no bids, and a recent independent forced sale valuation fixed the price at NZD 1,275,000 (incl GST), the Court exercised its discretion under s 200(3)(d) to permit the mortgagee to become the purchaser at that forced sale price.