8 Nov 2016
GRANT & ANOR v LAMMAS [2016] NZHC 2674
- Citation
- [2016] NZHC 2674
- Court
- High Court
The sale was a transaction under s 292(3) and occurred within the specified two year period; credible valuation evidence established the market value at $31,200 and the sale price was $20,000, producing an undervalue of $11,200; evidence established the company was unable to pay its debts at the time; the defendant advanced no arguable s 296(3) defence; accordingly the liquidators were entitled to recover $11,200 under s 297.