8 Nov 2007
NRT MANAGEMENT LTD V ALTITUDE SCIENCE LTD HC AK CIV 2006-404-007899
- Citation
- openlaw-444ed75d_73d0_4dd0_884e_016be102ce5b.pdf
- Court
- High Court
ASL failed to prove solvency because it did not produce its 2007 accounts and relied on a valuation contingent on forecast profits; the terms sheet clause to review/renegotiate the NRT debt was too uncertain to discharge the statutory demand, therefore the debt was due and payable, NRT was a creditor, no set‑off or counterclaim defeated the demand, and a winding up order with appointment of liquidators was warranted.