Re Mataura Motors Ltd - [1981] 1 NZLR 289

Company law — Winding up — Validity of floating charge — Company agreed to purchase garage but was unable to pay final balance of purchase price — Vendor agreed to transfer title to land in return for a debenture securing balance of price — Winding up of company commenced within 12 months — Liquidator sought declaration that debenture was invalid — Vendor claimed protection of exception in s 311 of the Companies Act 1955 for "money actually advanced" — Whether debenture valid.