20 May 2020
SONCAM LTD (IN LIQUIDATION) v MAD BUTCHER HOLDINGS LTD [2020] NZHC 1041
- Citation
- [2020] NZHC 1041
- Court
- High Court
Mad Butcher was only entitled to the $40,021.59 secured debt; clause 16 did not survive beyond the holding‑over period terminated by liquidation, cl21.1(d) was not effectively exercised because it was conditional on Mad Butcher procuring a lease which it failed to obtain, and therefore Mad Butcher suffered no recoverable loss from the liquidators' sale; accordingly Soncam is entitled to an order requiring release and discharge of the registered security on repayment of $40,021.59 and the liquidators succeed on the counterclaim.