28 Jan 2011
RE WICKSON HOLDINGS LTD
- Citation
- RE WICKSON HOLDINGS LTD
- Court
- Court of First Instance
- Case number
- HCCW223/2008
The court granted sanction for the liquidators to discharge/waive the Loan and to return the NZ$500,000 (less bank charges) because the liquidators acted within statutory powers and in good faith under ss.199, 200 and 208 of the Companies Ordinance; litigation in New Zealand was commercially unreasonable given estimated costs, delay and netting-off effect among identical shareholders; New Zealand counsel's advice supported that waiver would not create a tax liability; assignment risked tax and further disputes, so waiver best served a beneficial winding up and finalisation of the liquidation.