COMMENT FOR THE DAY #87
Following the narrative, you have an application from the Buyers’ trade rep for an adjournment to allow time to prepare + deliver closing submissions. Sellers’ trade rep opposes.
The Board goes into caucas. You are the chair.
Are Buyers genuinely in need of more time or is this a tactical ploy to delay the hearing to the next available day which due to busy diaries is not for 8 weeks? And as Sellers make clear they have been out of their money for 18 months. But you have an S33 duty to take into account. The Board has to be fair + impartial + avoid unnecessary delay. That means being fair to both sides. Sellers have a point about being out of their funds but you decide, correctly, that is not a decisive point. These things happen in the trade.
But more to the point – why can’t Buyers be given 15 minutes to prepare + 30 minutes to deliver. That is reasonable isn’t it or is it?
You announce your 15/30 minute decision and the Buyers’ trade rep hits the “vitriol” button. Things get tense. ‘Seriously Irregularity’ dominates the air. Applications to the Commercial Court are threatened.
Now you, as Chair, are tested.
Episode 3 tomorrow