INDEPENDENT NEWS

Judgment: Transotway Limited v Shephard And Dunphy

Published: Wed 31 Aug 2005 01:34 PM
TRANSOTWAY LIMITED v SHEPHARD AND DUNPHY SC 39/2005 [31 August 2005]
IN THE SUPREME COURT OF NEW ZEALAND
SC 39/2005
[2005] NZSC 62
BETWEEN TRANSOTWAY LIMITED
Appellant
AND IAN BRUCE SHEPHARD AND
CHRISTINE MARGARET DUNPHY
Respondents
Court: Tipping J and McGrath J
Counsel: P D McKenzie QC and D M Law for Appellant
H L Thompson for Respondents
Judgment: 31 August 2005
JUDGMENT OF THE COURT
[1] Leave to appeal is granted. Having considered counsel’s written submissions we have not found it necessary to direct an oral hearing.
[2] The approved grounds, in terms of Rule 29, are:
[a] Whether the Court of Appeal wrongly held that the discharge of a debt by way of set-off made within the specified period can be regarded as a “payment” for the purposes of s 292(1)(e) Companies Act.
[b] Whether the Court of Appeal at para [43] when determining that a payment by way of set-off was made within the specified period, wrongly treated a transaction under s 292(1) in isolation from the entire agreement of which it formed a part.
Solicitors:
Wood Ruck, Manukau for Appellant
McMahon Butterworth, Auckland for Respondents
ENDS

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