New Zealand Case Law: Decisions & Judgments

Topic

Statutory charge

Legal area

Court

27 Nov 2014

BRIDGECORP LIMITED V CERTAIN LLOYD'S UNDERWRITERS CA244/2014 [2014] NZCA 571

Citation

[2014] NZCA 571
Court

Court of Appeal

Because s 9 has no extraterritorial effect and the debt payable under the policy is situated where the debtor (the Lloyd's syndicate) resides in London, New Zealand courts lacked subject matter jurisdiction to make a s 9 charging order; policy provisions (payment in NZ, NZ law, exclusive NZ jurisdiction, currency) do not alter situs absent the insurer carrying on business in multiple jurisdictions.
23 Dec 2013

BFSL 2007 LIMITED & ORS (IN LIQUIDATION) v STEIGRAD [2013] NZSC 156

Citation

[2013] NZSC 156
Court

Supreme Court

The statutory charge under s 9(1) attaches on the happening of the event giving rise to the third‑party claim and secures the amount of the insured's liability as it is finally established (subject to the policy limit); defence costs are not within the statutory charge and payment of defence costs prior to judgment that would deplete funds available to meet the charged claim is at the insurer's risk.
6 Mar 2013

WALKER V FORBES & ORS HC CHCH CIV 2012-409-002486

Citation

openlaw-f3a0701f_69ab_45fa_b55c_9f2bea4e9fdb.pdf
Court

High Court

Section 76(2) is limited to allowing proceedings that had already begun before adjudication to continue; it does not confer jurisdiction to commence fresh proceedings post-adjudication. On the facts, the proposed compensation claim against the bankrupt is a provable debt and leave to continue that claim under s 76(2) is declined. Declarations or prohibitory relief concerning directors' duties do not require leave. The Court granted time for submissions on the availability of s 237 as the appropriate statutory route to resolve disputed provable claims.

New Zealand Case Law

BRIDGECORP LIMITED V CERTAIN LLOYD'S UNDERWRITERS CA244/2014 [2014] NZCA 571

BFSL 2007 LIMITED & ORS (IN LIQUIDATION) v STEIGRAD [2013] NZSC 156

WALKER V FORBES & ORS HC CHCH CIV 2012-409-002486