Krasemann v DFC New Zealand Ltd - [1990] 3 NZLR 606

Company law — Statutory management — Bank — Application for leave to bring proceedings — Borrower defaulted under mortgage to bank but accepted revised facility offered by bank — Before revised facility was implemented bank was placed under statutory management — Statutory manager suspended discharge of its obligations under the revised facility and took steps towards mortgagee's sale under original security — Borrower sought leave to bring proceedings to prevent mortgagee's sale and enforce revised facility — Whether borrower had an arguable case — Whether other criteria to be applied justified grant of leave — Reserve Bank of New Zealand Act 1989, ss 122 and 127.