New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Nomination/assignment of purchase rights

Legal area

Court

18 Sept 2020

GLENVAR VAULT CAPITAL LIMITED (IN LIQUIDATION) v FOSTER CRESCENT LIMITED [2020] NZHC 2432

Citation

(2020) 21 NZCPR402
Court

High Court

The nomination/assignment to Foster Crescent was a transaction under s 292(3)(a) occurring within the s 297 period; Glenvar was insolvent and received no consideration for deposits totalling $91,000, therefore Foster Crescent received value at an undervalue and must repay $91,000 recoverable under s 297; the additional claim based on the registered valuation failed for lack of evidence that the purchaser knew of or relied on that valuation and because the agreed sale price was not shown to be an undervalue.
26 Sept 2016

GLENVAR PROPERTY HOLDINGS LTD (IN LIQUIDATION) v 153 HOLDING LTD [2016] NZHC 2272

Citation

[2016] NZHC 2272
Court

High Court

The deed of nomination effected an assignment/transfer of Glenvar's right to purchase and thus constituted a transaction of value to the defendant under s292(3)(a); that transaction occurred within the statutory period and Glenvar was unable to pay its debts at that time, received no value from the defendant, and the defendant did not establish any statutory defence, so the liquidator could recover the deposit amount under s297; the separate contractual claim for an express debt under the deed failed for lack of contractual basis and evidence.