PJD GOODSON AND ORS V WINGATE TWO LIMITED AND ORS HC WN CIV 2008-485-1942

PJD GOODSON AND ORS V WINGATE TWO LIMITED AND ORS HC WN CIV 2008-485-1942

The Court appointed an interim liquidator under s 246 to preserve company assets amid a substantial shareholder deadlock and potential mortgagee sales, but refused to grant the interim liquidator a final power to determine and make distributions of sale proceeds to shareholders; instead the interim liquidator was...

Source-derived case information.

Citation
openlaw-6ff17cce_b293_4147_b7c4_ff5af8a61724.pdf
Parties
First Plaintiff: Peter Jeremy Dawson Goodson; Second Plaintiff: Patricia Frances Goodson; Second Plaintiff: Martin William Allardice; Third Plaintiff: David Allan Porter; First Defendant: Wingate Two Limited; Second Defendant: Trading Holdings Limited; Third Defendant: Lago Enterprises Limited; Opposing Shareholders / Notice of Opposition Filers: The Lamb Interests (Rolland Wallace Lamb; Kendons Trustees (No.2) Ltd; Kendons Trustees Ltd)
Court
High Court
Jurisdiction
New Zealand
Judgment Date
11 September 2008
Procedural Posture
Application for Appointment of Interim Liquidator Under Companies Act 1993 S 246 / Hearing and Interlocutory Application (oral Judgment)
Outcome
Application granted in part; interim liquidators appointed with specified powers and limits and leave reserved to apply for further orders
Legal Topics
Interim Liquidator Appointment, Powers and Limitations of Interim Liquidator, Shareholder Deadlock, Preservation of Assets Pending Sale
Company Law Insolvency Civil Procedure Interim Liquidator Appointment Powers and Limitations of Interim Liquidator Shareholder Deadlock Preservation of Assets Pending Sale

Source-derived case record

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Legal principles 5 Authorities cited 6 Party arguments 2 Amounts and remedies 4
Sign in to unlock

Parties

Peter Jeremy Dawson Goodson

First Plaintiff

Patricia Frances Goodson

Second Plaintiff

Martin William Allardice

Second Plaintiff

David Allan Porter

Third Plaintiff

Wingate Two Limited

First Defendant

Trading Holdings Limited

Second Defendant

Lago Enterprises Limited

Third Defendant

The Lamb Interests (Rolland Wallace Lamb; Kendons Trustees (No.2) Ltd; Kendons Trustees Ltd)

Opposing Shareholders / Notice of Opposition Filers

Procedural Posture

Application for Appointment of Interim Liquidator Under Companies Act 1993 S 246 / Hearing and Interlocutory Application (oral Judgment)

Legal Issues

  1. 1 Whether appointment of interim liquidators under s 246 was warranted
  2. 2 Scope and limits of powers to be conferred on interim liquidator
  3. 3 Whether interim liquidator may distribute sale proceeds to shareholders of Wireplus property

Ratio Decidendi

The Court appointed an interim liquidator under s 246 to preserve company assets amid a substantial shareholder deadlock and potential mortgagee sales, but refused to grant the interim liquidator a final power to determine and make distributions of sale proceeds to shareholders; instead the interim liquidator was given broad operational powers to preserve assets and reserved leave to apply for further court orders if necessary.

Court Disposition

Application granted in part; interim liquidators appointed with specified powers and limits and leave reserved to apply for further orders

Orders

  • Robert Bruce Walker appointed interim liquidator of Wingate Two Limited (first defendant)
  • Robert Bruce Walker appointed interim liquidator of Trading Holdings Limited (second defendant)