7 Jul 2009
G B REYNOLDS AS LIQUIDATOR OF CARBONARA ENTERPRISES LTD (IN LIQUIDATION) OF AUCKLAND, LIQUIDATOR V GLENGARY HANCOCKS LTD HC AK CIV 2008-404-004745
- Citation
- openlaw-fd67978e_085c_4321_86f0_68fbd913747e.pdf
- Court
- High Court
Payment of $41,775.97 on 16 April 2007 was made within the six month restricted period and is therefore voidable under s292; the presumption of insolvency was not rebutted; Glengary failed to prove the cumulative requirements of amended s296(3) (good faith alone was accepted but not the absence of reasonable grounds to suspect insolvency nor the value/alteration element); accordingly the transaction is set aside and repayment with interest ordered.