10 Nov 2014
GLOVER NO. 2 LTD v CIT HOLDINGS LTD [2014] NZHC 2786
- Citation
- [2014] NZHC 2786
- Court
- High Court
On the summary s290 assessment the applicant established an apparent counterclaim/cross-demand (including evidence that at least $1,650,000 was an advance to CIT and that $3,312,900 was owing) materially exceeding the statutory demand of $14,486.88; combined with concerns about the accuracy/obscurity of CIT's accounts, sole director control and potential misuse of the statutory demand, the Court set the demand aside under s290(4)(b)/(c).