30 Jun 2009
HARDLEY V FATUPAITO AND MCCLOY AS LIQUIDATORS OF NORMANBY PROJECT LIMITED (IN LIQUIDATION) HC AK CIV-2008-404-8585
- Citation
- openlaw-09bdc704_98f0_4c7f_9f6d_e43ce1d62e12.pdf
- Court
- High Court
The court held that requiring payment of outstanding rent and outgoings as a condition of consenting to assignment did not contravene s 227(1)(a)(i) because the obligation was a pre-existing contractual debt not an additional rent, premium or fine extracted as the price for consent; withholding consent until arrears were remedied was not unreasonable; and payment to enable sale as a going concern did not breach Companies Act principles as it facilitated asset realisation for creditors generally.