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However, it needs to be squared against the reality that in a large number of insolvent liquidations there are insufficient funds available to fully repay secured and preferential creditors, let alone unsecured creditors. In principle a liquidator is seeking to recover what has been paid in excess of what that creditor might expect to receive on a basis among all equal ranking creditors.

There are some obvious and not so obvious problems that arise from the way that the different components of the statutory regime for dealing with debt and insolvency have developed.

"Such tactics are both feeble and transparent," the email states.

A new clause added by lenders to Essar Algoma's debtor-in-possession financing agreement on Tuesday requires the company to prepare a comprehensive liquidation plan by the end of this month. from court filings that it has been inferred that a liquidation of Essar Steel Algoma Inc.

The earlier of the two was the High Court decision in S [2013] NZHC 189 on “running accounts”.

Section s 292(4B) of the Act provides that where a creditor has been in an ongoing trading relationship with a company that becomes insolvent and operates a “running account” that may rise and fall over time, the series of transactions may be viewed as a whole, rather than as discrete transactions, and therefore the issues are changes in the balance and unusual payments. The clear intention, as accepted by the Court, was to bring New Zealand statute law into line with that in Australia.

That talk is very upsetting to parent company Essar Global, which sees the Sault operations as a perfectly viable business and is pushing for reconsideration as a potential purchaser or investor.

"It makes little sense to raise the spectre of liquidation given market conditions and the company's recent financial performance," Essar Global says in an email sent last weekend to Brian Denega, the court-appointed monitor overseeing Essar Algoma's insolvency proceedings.While true, in the wake of the decision the problem becomes that of thinking of actual circumstances where value might be given “at the time”.In its interim decision, the Court of Appeal cited as an example of giving value at the time the agreement to provide further goods and services.It is credit managers who will commonly oversee relations with debt collectors or with solicitors engaged to pursue debts.The paradox of the credit manager is that the manager who is responsible for pursuing an order to have a debtor placed in liquidation nevertheless wishes that they were the manager of the creditor who managed to extract payment from that same debtor earlier, notwithstanding that the liquidators may seek the return of that payment.Judge Newbould indicated Tuesday that he will respond to Essar Global's request on an unspecified future date.

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