Catchwords:

BANKRUPTCY AND INSOLVENCY – appeal from decision of primary judge declaring that the appellant did not enter into possession or assume control validly under the terms of a security interest – whether primary judge was correct to refuse the appellant’s application for leave to re‑open – whether primary judge was correct in failing to find that the appellant paid the relevant debt on the basis that there was an insufficiency of evidence – where appellant did not challenge the factual findings of the primary judge but challenged the inferences drawn from those findings – whether appellant could demonstrate that it had paid the respondent’s debt and was subrogated to the rights under the charge – where payment of the debt was a matter capable of ready proof – where the appellant did not discharge the burden of proof – where findings of primary judge reasonably open – whether primary judge was correct to find that there was no valid assignment of the charge – where no separate basis for assignment other than to aid the right of subrogation – appeal dismissed with costs