5 Sept 2008
WEST END ROAD NOMINEE LIMITED V ATMORE HC AK CIV 2007-404-003488
- Citation
- openlaw-4c5e5f45_527b_41ae_9750_a2d886a28fa1.pdf
- Court
- High Court
The court accepted the creditor's evidence (trust ledger statement and director's post-completion spreadsheets) establishing a $164,000 advance on 4 October 2002 and terms (repayable on or before issue of titles, interest 10% pa compounding). There was no bona fide, substantial dispute over existence or terms of the loan and the Credit Contracts Act did not apply because the introducer was not a paid adviser; accordingly the s290 application to set aside was dismissed and the court ordered liquidation under s291(1)(b) with deferred effect.