JHR FISK AND DJ BRIDGMAN AS RECEIVERS OF EACH OF THE DEFENDANT COMPANIES V ROSS ASSET MANAGEMENT LIMITED (IN RECEIVERSHIP)& ORS HC WN CIV-2012-485-2591

JHR FISK AND DJ BRIDGMAN AS RECEIVERS OF EACH OF THE DEFENDANT COMPANIES V ROSS ASSET MANAGEMENT LIMITED (IN RECEIVERSHIP)& ORS HC WN CIV-2012-485-2591

On the material before the Court the companies were insolvent (s 287) and just and equitable grounds for winding up were established (s 241(4)(d)); no substantive opposition was presented; the existing receivers had necessary knowledge and their appointment as liquidators under ss 280 and 286 was appropriate;...

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Citation
openlaw-ed016276_13ea_4520_9821_d0c16dd1650f.pdf
Parties
First Plaintiff; Receiver; Appointed Liquidator: John Howard Ross Fisk; First Plaintiff; Receiver; Appointed Liquidator: David John Bridgman; Second Plaintiff (shareholder): David Robert Gilmour Ross; First Defendant: Ross Asset Management Limited (in receivership); Second Defendant: Bevis Marks Corporation Limited (in receivership); Third Defendant: Mercury Asset Management Limited (in receivership); Fourth Defendant: McIntosh Asset Management Limited (in receivership); Applicant/regulator (moved Receivership Application; Supports Liquidation): Financial Markets Authority; Creditor / Supporting Creditor: Bruce William Tichbon
Court
High Court
Jurisdiction
New Zealand
Judgment Date
17 December 2012
Procedural Posture
Company Liquidation Application Under the Companies Act 1993 / Hearing and Oral Judgment; Orders Made (liquidation, Ancillary Directions, Costs)
Outcome
Four defendant companies placed into liquidation; John Howard Ross Fisk and David John Bridgman appointed liquidators; confidentiality order preserved; liquidator remuneration approved subject to s 284; leave reserved for further directions; costs awarded.
Legal Topics
Just and Equitable Winding Up, Appointment of Liquidators, Investor Confidentiality, Remuneration of Liquidators, Statutory Receivership to Liquidation Transition, Court Directions and Leave to Apply
Company Law Insolvency Receivership Liquidation Just and Equitable Winding Up Appointment of Liquidators Investor Confidentiality Remuneration of Liquidators +2 more

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Parties

John Howard Ross Fisk

First Plaintiff; Receiver; Appointed Liquidator

David John Bridgman

First Plaintiff; Receiver; Appointed Liquidator

David Robert Gilmour Ross

Second Plaintiff (shareholder)

Ross Asset Management Limited (in receivership)

First Defendant

Bevis Marks Corporation Limited (in receivership)

Second Defendant

Mercury Asset Management Limited (in receivership)

Third Defendant

McIntosh Asset Management Limited (in receivership)

Fourth Defendant

Financial Markets Authority

Applicant/regulator (moved Receivership Application; Supports Liquidation)

Bruce William Tichbon

Creditor / Supporting Creditor

Procedural Posture

Company Liquidation Application Under the Companies Act 1993 / Hearing and Oral Judgment; Orders Made (liquidation, Ancillary Directions, Costs)

Legal Issues

  1. 1 Whether companies are unable to pay their debts under s 287 Companies Act 1993
  2. 2 Whether just and equitable winding up is established under s 241(4)(d) Companies Act 1993
  3. 3 Whether the existing receivers should be appointed liquidators under ss 280 and 286

Ratio Decidendi

On the material before the Court the companies were insolvent (s 287) and just and equitable grounds for winding up were established (s 241(4)(d)); no substantive opposition was presented; the existing receivers had necessary knowledge and their appointment as liquidators under ss 280 and 286 was appropriate; investor confidentiality orders under s 255 were continued; liquidator remuneration rates were approved subject to s 284; leave reserved for any party to seek further directions on 48 hours notice.

Court Disposition

Four defendant companies placed into liquidation; John Howard Ross Fisk and David John Bridgman appointed liquidators; confidentiality order preserved; liquidator remuneration approved subject to s 284; leave reserved for further directions; costs awarded.

Orders

  • Ross Asset Management Limited (in receivership) placed into liquidation (order timed 1.01 pm 17 December 2012)
  • Bevis Marks Corporation Limited (in receivership) placed into liquidation (order timed 1.02 pm 17 December 2012)