14 Apr 2021
MEMELINK v HAINES [2021] NZCA 116
- Citation
- [2021] NZCA 116
- Court
- Court of Appeal
The Court held that s 104 of the Insolvency Act prevents trust property (including a costs judgment in favour of a trust for which the bankrupt was trustee) from vesting in the Official Assignee; the discontinuance costs awarded to the Link Trust therefore did not become property of the Official Assignee and could be set off against the costs judgment relied on by the applicant, so the applicant had not established a debt of $1,000 or more and adjudication was wrongly made; appeal allowed and adjudication set aside.