18 Dec 2014
COMMERCIAL FACTORS LTD v WAVE TRANSPORT LTD [2014] NZHC 3325
- Citation
- [2014] NZHC 3325
- Court
- High Court
Clauses 2.1 and 7.5 read together effect an absolute assignment of the debts to the plaintiff on their creation and any repurchase/reclassification under clause 7.5 is expressed to operate pursuant to clause 2.1; therefore repurchase of a Category A debt does not remove it from the security evidenced by the registered financing statement and the Registrar's change demand must be resisted.