McIntosh v Fisk - [2016] 2 NZLR 783

Bankruptcy and insolvency — Voidable preferences — Prejudicial dispositions — Setting aside insolvent transactions — Liquidators of insolvent fraudulent company — Statutory right to recover payments made to investors — Defences and exemptions — Whether value or valuable consideration given for impugned payment — Initial deposit distinct from fictitious profit component — Whether value given for capital portion — Antecedent debt or obligation and discharge test — Definition of value under s 292 — Equitable debt created from misappropriated deposit — Whether defence of alteration of position made out — Whether causal link between payment and alteration in position — Whether recipient would have acted or refrained from purchase but for the payment — Whether detriment or materially altered position — Property Law Act 2007, s 349.