27 Jun 2017
LWR DURHAM PROPERTIES LTD (IN RECEIVERSHIP) v VERO INSURANCE NEW ZEALAND LTD [2017] NZHC 1437
- Citation
- [2017] NZHC 1437
- Court
- High Court
The Court exercised its discretion to allow substitution of the trust-held monies with a Commonwealth Bank guarantee because the bank is reputable, the mechanism for calling the guarantee is a standard and practicable operation through the Registrar, identified authentication requirements would not cause material difficulty or delay, and the Court can and will limit the guarantee to this proceeding to protect defendants' interests; accordingly the variation was ordered and costs awarded to defendants.