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Re AIC Merchant Finance Ltd (in Rec)
''Re AIC Merchant Finance Ltd (in rec)'' 9902 NZLR 385 (1990) 5 NZCLC 66,153 is a cited case in New Zealand regarding relief for Illegal Contracts under the Illegal Contracts Act 1970 where validation is not legally possible. Background AIC was a finance company that collapsed in 1986. National Mutual were the trustees for the secured debentured holders. However, briefly between 30 May - 17 July 1986, AIC had not registered with the companies office its new prospectus (no. 3), which was a breach of section 37 of the Securities Act 1978. This technical oversight left the 38 investors that invested $820,000 during this period being unsecured creditors when the company was placed into receivership In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in ca ... on 30 August 1986. National Mut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal Of New Zealand
The Court of Appeal of New Zealand is the principal intermediate appellate court of New Zealand. It is also the final appellate court for a number of matters. In practice, most appeals are resolved at this intermediate appellate level, rather than in the Supreme Court. The Court of Appeal has existed as a separate court since 1862 but, until 1957, it was composed of judges of the High Court sitting periodically in panels. In 1957 the Court of Appeal was reconstituted as a permanent court separate from the High Court. It is located in Wellington. The Court and its work The President and nine other permanent appellate judges constitute the full-time working membership of the Court of Appeal. The court sits in panels of five judges and three judges, depending on the nature and wider significance of the particular case. A considerable number of three-judge cases are heard by Divisional Courts consisting of one permanent Court of Appeal judge and two High Court judges seconde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ivor Richardson
Sir Ivor Lloyd Morgan Richardson (24 May 1930 – 29 December 2014) was an eminent New Zealand and Commonwealth jurist and legal writer and a member of the Judicial Committee of the Privy Council. Education He was a student at Timaru Boys' High School, Timaru, New Zealand. He graduated from Canterbury University College (now the University of Canterbury), Christchurch, in 1949 with an LL.B. degree. He went on to study at the University of Michigan in the United States, from where he graduated with an LL.M. degree and an SJD degree. Career Richardson was a partner in the Invercargill firm of Macalister Brothers from 1957 to 1963. From 1963 to 1966, he was Crown Counsel in the Crown Law Office in Wellington. He then joined the Victoria University of Wellington. He was Professor of Law, between 1967 and 1973, during which period he served as Dean of the Law Faculty from 1968 to 1971. After a period back in public practice in Wellington he was appointed as a judge in the High ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maurice Casey
Philip Maurice Casey (18 October 1942 – 10 May 2014) was a British scholar of New Testament and early Christianity. He was an emeritus professor at the University of Nottingham, having served there as Professor of New Testament Languages and Literature at the Department of Theology. Biography Casey was born in Sunderland. His father was the Anglican vicar of Wheatley Hill, but after his death his mother moved to Chevington and Casey to boarding school at Woodbridge School, Suffolk. He entered St Chad's College, Durham University having intended to become an Anglican priest, but changed his views in 1962 while completing his undergraduate degree in theology. Casey stated that he had not held any religious beliefs since. Following his degree in theology, he took a further degree in classical and general literature. He then taught classics at Spalding High School, an all-girls grammar school, from 1967 to 1971. He returned to Durham University to study for a Doctor of Philoso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illegal Agreement
An illegal agreement under the common law of contract, is one that the court will not enforce because the purpose of the agreement is to achieve an illegal end. The illegal end must result from performance of the contract itself. The classic example of such an agreement is a contract for murder. The illegality of a contract depends on (1) the law of the country governing the contract, and (2) the law of the place of performance. Different rules will apply depending on the law of the relevant country(ies). However, a contract that requires only legal performance on the part of each party, such as the sale of packs of cards to a known gambler, where gambling is illegal, will nonetheless be enforceable. A contract directly linked to the gambling act itself, such as paying off gambling debts (see proximate cause), however, will not meet the legal standards of enforceability. Therefore, an employment contract between a blackjack dealer and a speakeasy manager, is an example of an i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Illegal Contracts Act 1970
The Illegal Contracts Act 970'' is a New Zealand law that manages how contracts are deemed illegal under either common law or under Statute. Under this law, all such contracts are deemed illegal, but it gives wide discretionary powers to grant relief, including granting orders such as ordering: * validation (declaring the contract to be either partially or fully enforceable) * variation of the contract * restitution * compensation (damages) Cases * Automobile Centre (Auckland) Ltd v Facer * Barsdell v Kerr * Catley v Herbert * Duncan v McDonald * Fenton v Scotty's Car Sales Ltd * H & R Block Ltd v Sanott * Harding v Coburn * Knyvett v Christchurch Casinos Ltd * Lower Hutt City Council v Martin * Mercurius Ventures Ltd v Waitakere City Council * National Westminster Finance NZ Ltd v South Pacific Rent-a-Car Ltd * NZI Bank Ltd v Euro-National Corp Ltd * Polymer Developments Group Ltd v Tilialo * Re AIC Merchant Finance Ltd (in rec) * Ross v Henderson Ross v Henderson 9772 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Debenture
In corporate finance, a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowledges it, but in some countries the term is now used interchangeably with bond, loan stock or note. A debenture is thus like a certificate of loan or a loan bond evidencing the company's liability to pay a specified amount with interest. Although the money raised by the debentures becomes a part of the company's capital structure, it does not become share capital. Senior debentures get paid before subordinate debentures, and there are varying rates of risk and payoff for these categories. Debentures are freely transferable by the debenture holder. Debenture holders have no rights to vote in the company's general meetings of shareholders, but they may have separate meetings or votes e.g. on changes to the rights attached to the debentures ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prospectus (finance)
{{unreferenced, date=October 2015 A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements, biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information. In the context of an individual securities offering, such as an initial public offering, a prospectus is distributed by underwriters or brokerages to potential investors. Today, prospectuses are most widely distributed through websites such as EDGAR and its equivalents in other countries. United States In a securities offering in the United States, a prospectus is required to be filed with the Securities and Exchange Commission (SEC) as part of a registration statement. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unsecured Creditor
An unsecured creditor is a creditor other than a preferential creditor that does not have the benefit of any security interests in the assets of the debtor. In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a ''pari passu'' distribution out of the assets of the insolvent company on a liquidation in accordance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted their claims. Although in a liquidation the unsecured creditors will usually realize the smallest proportion of their claims, in some legal systems, unsecured creditors who are also indebted to the insolvent debtor can (and in some jurisdictions, must) set off the debts, putting the unsecured creditor with a matured liability to the debtor in a pre-preferential position. See also * Preferential creditor * Secured creditor A secured creditor is a creditor with the benefit of a security interest over some or all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Receivership
In law, receivership is a situation in which an institution or enterprise is held by a receiver—a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights"—especially in cases where a company cannot meet its financial obligations and is said to be insolvent.Philip, Ken, and Kerin Kaminski''Secured Lender'', January/February 2007, Vol. 63 Issue 1, pages 30-34,36. The receivership remedy is an equitable remedy that emerged in the English chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights. Receiverships can be broadly divided into two types: *Those related to insolvency or enforcement of a security interest. *Those where either **One is Incapable of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of New Zealand
The High Court of New Zealand ( mi, Te Kōti Matua o Aotearoa) is the superior court of New Zealand. It has general jurisdiction and responsibility, under the Senior Courts Act 2016, as well as the High Court Rules 2016, for the administration of justice throughout New Zealand. There are 18 High Court locations throughout New Zealand, plus one stand-alone registry. The High Court was established in 1841. It was originally called the "Supreme Court of New Zealand", but the name was changed in 1980 to make way for the naming of an eventual new Supreme Court of New Zealand. The High Court is a court of first instance for serious criminal cases such as homicide, civil claims exceeding $350,000 and certain other civil cases. In its appellate function, the High Court hears appeals from the District Court, other lower courts and various tribunals. Composition and locations The High Court comprises the Chief Justice (who is head of the judiciary) and up to 55 other Judges (whic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Court Of Appeal Of New Zealand Cases
A court is any person or institution, often as a government institution, with the authority to adjudicate legal disputes between parties and carry out the administration of justice in civil, criminal, and administrative matters in accordance with the rule of law. In both common law and civil law legal systems, courts are the central means for dispute resolution, and it is generally understood that all people have an ability to bring their claims before a court. Similarly, the rights of those accused of a crime include the right to present a defense before a court. The system of courts that interprets and applies the law is collectively known as the judiciary. The place where a court sits is known as a venue. The room where court proceedings occur is known as a courtroom, and the building as a courthouse; court facilities range from simple and very small facilities in rural communities to large complex facilities in urban communities. The practical authority given t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Zealand Contract Case Law
New is an adjective referring to something recently made, discovered, or created. New or NEW may refer to: Music * New, singer of K-pop group The Boyz Albums and EPs * ''New'' (album), by Paul McCartney, 2013 * ''New'' (EP), by Regurgitator, 1995 Songs * "New" (Daya song), 2017 * "New" (Paul McCartney song), 2013 * "New" (No Doubt song), 1999 *"new", by Loona from '' Yves'', 2017 *"The New", by Interpol from ''Turn On the Bright Lights'', 2002 Acronyms * Net economic welfare, a proposed macroeconomic indicator * Net explosive weight, also known as net explosive quantity * Network of enlightened Women, a conservative university women's organization * Next Entertainment World, a South Korean film distribution company Identification codes * Nepal Bhasa language ISO 639 language code * New Century Financial Corporation (NYSE stock abbreviation) * Northeast Wrestling, a professional wrestling promotion in the northeastern United States Transport * New Orleans Lakefront Ai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
