Advise auckland bank co ltd whether it is entitled

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Reference no: EM133474542

Question: NZ Export Finance Co Ltd (NZEFL) has two accounts with the Auckland Bank Co Ltd. One account is in debit, and the other is in credit. Wholesale Finance Co Ltd (WFL) applies for, and obtains, a freezing order from the High Court against NZEFL. Pursuant to that order, NZEFL's accounts with the Auckland Bank Co Ltd are frozen until further order of the Court. However, the order also authorises NZEFL to make withdrawals for payments in the ordinary course of its business. Auckland Bank Co Ltd neglects to instruct any lawyers to appear in Court on its behalf at the hearing of the application for the freezing order. NZEFL makes demand on its account in credit to pay a large trade debt. Its account in credit has sufficient funds to cover the demand.

Required
Advise Auckland Bank Co Ltd whether it is entitled to refuse to pay NZ Export Finance Co Ltd giving legal reasons.

Reference no: EM133474542

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