27 Mar 2009
DRILLING FLUID EQUIPMENT NZ LIMITED V FALLOON HC NWP CIV 2008-443-000377
- Citation
- openlaw-8f45d14d_0a44_48ba_878e_49e0548120e3.pdf
- Court
- High Court
A prospective claim under s301 seeking compensation for breaches of directors' duties is a claim on behalf of the company (and its creditors generally) and not a claim in the applicant creditor's own right; therefore it does not constitute a counterclaim, set-off or cross-demand for the purposes of s290(4)(b). DFE failed to establish a sufficient evidential basis to impeach the demand and failed to prove under-value sale; application dismissed.