21 Nov 2012
GRANT BRUCE REYNOLDS V TOPLINE EXPORT & TRADING LIMITED HC AK CIV 2012-404-003532
- Citation
- openlaw-fb5d4b69_5aaf_4772_b679_18bc387c9b55.pdf
- Court
- High Court
The presumption of insolvency arising from the payment within six months was not rebutted; Topline proved good faith and lack of actual (subjective) knowledge of insolvency but failed to establish alteration of position required by s 296(3); accordingly the February 2011 payment of $19,613.24 was an insolvent transaction and must be set aside and repaid with interest; the March 2011 payment was a cash transaction and not pursued by the liquidator.