18 Jun 2014
DAVID ROSS PETTERSON as liquidator of NATURE GREEN NZ LIMITED (in liquidation) v COLIN IAN CROMBIE [2014] NZHC 1371
- Citation
- [2014] NZHC 1371
- Court
- High Court
The 2012 GSA was a substituted charge for the 2010 GSA but, applying s293(3)(b), its valid secured extent was limited to the value of the property subject to the 2010 GSA at the substitution date (NZ$187,487.15). The balance of the net proceeds ($25,241.64) was not protected and is set aside. Defences of equitable estoppel and s296(3) failed.