Judgment: Transotway Limited v Shephard And Dunphy
TRANSOTWAY LIMITED v SHEPHARD AND DUNPHY SC 39/2005 [31 August 2005]
IN THE SUPREME COURT OF NEW ZEALAND
 NZSC 62
BETWEEN TRANSOTWAY LIMITED
AND IAN BRUCE SHEPHARD AND
CHRISTINE MARGARET DUNPHY
Court: Tipping J and McGrath J
Counsel: P D McKenzie QC and D M Law for Appellant
H L Thompson for Respondents
Judgment: 31 August 2005
JUDGMENT OF THE COURT
 Leave to appeal is granted. Having considered counsel’s written submissions we have not found it necessary to direct an oral hearing.
 The approved grounds, in terms of Rule 29, are:
[a] Whether the Court of Appeal wrongly held that the discharge of a debt by way of set-off made within the specified period can be regarded as a “payment” for the purposes of s 292(1)(e) Companies Act.
[b] Whether the Court of Appeal at para  when determining that a payment by way of set-off was made within the specified period, wrongly treated a transaction under s 292(1) in isolation from the entire agreement of which it formed a part.
Wood Ruck, Manukau for Appellant
McMahon Butterworth, Auckland for Respondents