Transotway Limited v Ian Bruce Shephard and Christine Margaret Dunphy

[2005] NZSC 62

IN THE SUPREME COURT OF NEW ZEALAND

SC 39/2005
[2005] NZSC 62

BETWEENTRANSOTWAY LIMITED

Appellant

ANDIAN 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