21 Aug 2014
BANK OF NEW ZEALAND v G A MUIR AND JUSTITIAE TRUSTEE COMPANY LIMITED [2014] NZHC 1973
- Citation
- [2014] NZHC 1973
- Court
- High Court
The withdrawals made after the facility was repaid were advances/loans in substance, not bona fide distributions; clause 17.13 refers to gross trust assets valued as at the time of the facility (around the facility date), Carbon Trust had sufficient gross assets to meet the Bank's claim, and accordingly Carbon Trust and the guarantors (Ismail Trust and Mr Muir) are liable; summary judgment was therefore granted to the Bank.