1 Jun 2017
BANK OF NEW ZEALAND v PATRICK [2017] NZHC 1184
- Citation
- [2017] NZHC 1184
- Court
- High Court
The Court found there was no arguable defence: Events of Default existed; the Bank was contractually entitled and commercially justified to appoint receivers and did not act in bad faith or contrary to reasonable commercial practice under s25 PPSA; there was no binding agreement to mediate that barred enforcement and the Bank's attendance at a meeting did not amount to such an agreement; the Bank did not act as a de facto or shadow director under s126; clause 15.1 of the guarantee precluded set-off. Accordingly summary judgment was entered for the Bank for the sums claimed.