If, at any time, you would like to update any of your subscription details, please complete this form with your amended details. The High Court in Department of Corrections v Decmil Construction NZ Ltd NZHC 2976 has granted leave for arbitration to proceed between the Department of Corrections and an insolvent construction company. However, the Appeal Court agreed with the District Court Judge, holding that the transfers were not “for value”. The Bankruptcy Code defines “value” as property or the satisfaction of a right to payment or remedy. The Court affirmed that for SIPA liquidations, investors cannot have property rights in fictious profits, only in their principal investment. Moreover, the transfer of those fictious profits does not satisfy a right to payment as only the return of the principal investment or the payment of an investor’s net equity could satisfy the right.
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