In Madsen-Ries v Rapid Construction Ltd [2013] NZCA 489, the Court of Appeal considered an appeal concerning a liquidator's attempt to have a payment set aside. 

For accounting transparency, the directors of Giant and Rapid had chosen to exchange cheques rather than offset their respective debts of $113,551.84 and $90,713.50.  Unbeknownst to Rapid, Giant was insolvent at the time of the transaction.  Giant's liquidators then applied to have the full $113,551.84 payment set aside.  The High Court found that Rapid satisfied all three elements of the good faith statutory defence in section 296 of the Companies Act 1993 (NZ) and ruled that only the balance of $22,838.34 be repaid to Giant.

The Court of Appeal confirmed the approach taken by the High Court.  It endorsed a distinction made in the High Court of Australia between 'knowledge of financial difficulties' and 'knowledge of insolvency', essentially allowing the directors of Rapid the benefit of the statutory defence despite being aware that Giant was facing financial difficulties. 

See Court decision here.