22 Aug 2014
ULTRA DEVELOPMENTS LIMITED v ULTRA PROJECTS LIMITED [2014] NZHC 1998
- Citation
- [2014] NZHC 1998
- Court
- High Court
Records and credible accounting evidence established that the disputed sums were cash movements from Projects to or for the benefit of Developments and were recorded as repayable advances; there was no corroborated evidence of any subvention agreement or IR undertakings to render those sums not repayable; only the asserted rent receipts created a reasonably arguable set-off of $40,000; accordingly the statutory demand was set aside to that extent and upheld for the balance of $188,363.22, with an order to pay that balance within seven days and liberty for Projects to apply for liquidation if…