A supporting affidavit under s 459G(3) that does not annex the relevant contract and does not articulate or contain material from which a 'no debt' ground can emerge of its own force will not support that ground at the hearing. Contravention of the related party provisions in Chapter 2E does not give rise to a genuine dispute as to the existence of a debt because s 209(1) preserves the validity of the transaction. An implied term requiring shareholder approval before completion will not be implied into a commercial agreement where the contract is effective without it. The precise limits of the Graywinter principle where the relevant document is annexed but the ground is not articulated remain open.
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