30 Aug 2021
POWELL v K 2 INVESTMENT GROUP LIMITED [2021] NZHC 2253
- Citation
- [2021] NZHC 2253
- Court
- High Court
K2 New Zealand's pleaded defence and counterclaim were struck out because Kemeny lacked authority to litigate for K2 New Zealand; however the loan agreement was valid and enforceable against K2 New Zealand by virtue of the indoor management rule (s18 Companies Act) because Powell dealt with the sole director. Powell made the agreed advance. The Court reopened the credit contract under the CCCFA limited to a delay adjustment because Powell's extended delay in enforcing his rights (post-caveat judgment) rendered continued accrual of the default penalty oppressive. K2 New Zealand held a 50% equi…