Supreme Court
Decision Information
Abstract: Application for reconsideration, pursuant to Supreme Court Rule 344 ( 1 ), of earlier decision denying stay of sale by receiver
Decision: The Court held that it was not appropriate to vary the previous Order allowing the sale as there was no new evidence brought before the Court. In order to set aside an order on the basis of new evidence, it must be shown that the evidence could not have been discovered by reasonable diligence for use at the original hearing, that the applicant had no knowledge of the it at that time, that the applicant used reasonable diligence after discovering the new evidence and that there is a reasonable probability of achieving a different result because of the new evidence. The evidence of a financing commitment did not meet this criteria.
Subjects: Civil procedure - Judgments and orders - Setting aside - Unentered judgment or order
Bankruptcy and insolvency - Secured creditors - Redemption of secuirty