9 Feb 2010
PROPERTY VENTURES LIMITED V TUAM VENTURES LIMITED HC CHCH CIV 2009-409-002129
- Citation
- openlaw-8ca70efa_75ea_4d6b_982f_4b6f4d414e35.pdf
- Court
- High Court
The Court granted a conditional stay because on the balance of probabilities the property value with good tenants is likely to exceed secured indebtedness so secured creditors are unlikely to be permanently prejudiced within a 12-month period; accordingly justice is better secured by a stay subject to conditions (security for fit-out, payment of current rents into receivers' account under undertaking, expedition of appeal) to protect secured creditors while preserving the appellant's rights pending appeal.