15 Nov 2018
MANGAWHAI PROPERTY LIMITED v CHEN HONG CO LIMITED (In Liq) [2018] NZHC 2961
- Citation
- [2018] NZHC 2961
- Court
- High Court
The statutory demand was satisfied because $100,000 was received in reduction of the debt claimed as the undisputable portion under the consent memorandum and payment out of sale proceeds reduced the indebtedness; the liquidators, having fixed an undisputable sum in the demand, could not during the s 290 proceeding expand the demand to require additional indisputable payments; accordingly the presumption of insolvency under the demand cannot be relied upon and the s 290 application is granted to that extent.