15 Oct 2020
CARGILL OCEAN TRANSPORTATION (SINGAPORE) PTE LTD v TPT SHIPPING LTD [2020] NZHC 2713
- Citation
- [2020] NZHC 2713
- Court
- High Court
The Court has jurisdiction and must grant mandatory interim relief to enforce an LOI where refusal would defeat its commercial purpose; the balance of convenience favors granting substitute security and funds to defend because damages are inadequate and TPT had defaulted in its contractual obligations.