Stay on Proceedings on Petition for Winding Up
New Zealand Law Journal, pp. 156-157, May 1979
2 Pages Posted: 1 Feb 2010 Last revised: 1 May 2015
Abstract
Re Holiday Tours (NZ) Ltd (Unreported, July 1978, M281/78, SC, Christchurch, Somers J) involved a contractual dispute. One party, Travelwide, filed and served a petition to wind up the other party, Holiday Tours (NZ) Ltd. Holiday Tours then sought a stay of proceedings. Somers J found that a winding-up petition was not an appropriate remedy for a disputed debt with a solvent company. The case focused on whether the defence of counterclaim or set-off made the debt “disputed." The balance of convenience lay in favour of Holiday Tours and the stay of proceedings was granted.
Keywords: Stay of Proceeding, Winding Up, Disputed Debt, Set-off, Balance of Convenience
JEL Classification: K12
Suggested Citation: Suggested Citation