COMMISSIONER OF INLAND REVENUE V PERSEPOLIS LTD HC AK CIV 2010-404-3076
Given the Certificate as to Unpaid Debts and the consents of the proposed liquidators, the court ordered that Persepolis Limited be placed into liquidation and appointed the nominated liquidators despite the disclosed relationship, fixed costs on a 2B basis and set interim remuneration rates subject to periodic...
Source-derived case information.
- Citation
- openlaw-30ce48f7_0cb6_41fb_8b2d_049f7572d211.pdf
- Parties
- Plaintiff: Commissioner of Inland Revenue; Defendant: Persepolis Limited
- Court
- High Court
- Jurisdiction
- New Zealand
- Judgment Date
- 4 October 2010
- Procedural Posture
- Companies Act 1993 (liquidation) / Orders Appointing Liquidators
- Outcome
- Persepolis Limited put into liquidation; Henry David Levin and Vivien Judith Madsen-Ries appointed as liquidators; plaintiff awarded costs; interim remuneration rates set; leave reserved for applications to vary rates; requirement to apply to fix overall remuneration at conclusion of liquidation.
- Legal Topics
- Liquidation, Appointment of Liquidators, Costs, Remuneration Fixation, Conflict of Interest Disclosure
Source-derived case record
Summary, issues, holding and outcome
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Parties
Commissioner of Inland Revenue
Plaintiff
Persepolis Limited
Defendant
Procedural Posture
Companies Act 1993 (liquidation) / Orders Appointing Liquidators
Legal Issues
- 1 Whether the company should be placed into liquidation under the Companies Act 1993
- 2 Whether the proposed liquidators should be appointed despite a disclosed relationship between their firm and a creditor bank
- 3 Fixing costs and interim remuneration rates and the procedure for varying and finally fixing remuneration
Ratio Decidendi
Given the Certificate as to Unpaid Debts and the consents of the proposed liquidators, the court ordered that Persepolis Limited be placed into liquidation and appointed the nominated liquidators despite the disclosed relationship, fixed costs on a 2B basis and set interim remuneration rates subject to periodic applications and a final fixing at the conclusion of the liquidation.
Court Disposition
Persepolis Limited put into liquidation; Henry David Levin and Vivien Judith Madsen-Ries appointed as liquidators; plaintiff awarded costs; interim remuneration rates set; leave reserved for applications to vary rates; requirement to apply to fix overall remuneration at conclusion of liquidation.
Orders
- Persepolis Limited, as trustee in the Persepolis No.2 Trust, is put into liquidation.
- Henry David Levin and Vivien Judith Madsen-Ries are appointed liquidators of the Defendant company notwithstanding the disclosed relationship between their firm and ANZ National Bank Limited.
Full Case Text
Judgment text and source record
1 paragraphs
COMMISSIONER OF INLAND REVENUE V PERSEPOLIS LTD HC AK CIV 2010-404-3076 4 October 2010IN THE HIGH COURT OF NEW ZEALAND AUCKLAND REGISTRY CIV 2010-404-3076IN THE MATTER OF the Companies Act 1993 BETWEEN COMMISSIONER OF INLAND REVENUE Plaintiff AND PERSEPOLIS LIMITED Defendant Hearing: 4 October 2010 Counsel: S L Law for Plaintiff R B Hucker for Defendant Orders: 4 October 2010ORDERS OF PETERS J.[1] Having heard from Mr Hucker in terms of the memorandum of counsel for the Defendant dated 1 October 2010, and having received a Certificate as to Unpaid Debts dated 4 October 2010 and the written consent of Henry David Levin and Vivien Judith Madsen-Ries to act as liquidators, I hereby make the following orders: [2] The defendant company, Persepolis Limited, as trustee in the Persepolis No.2 Trust, is put into liquidation. [3] Henry David Levin and Vivien Judith Madsen-Ries are appointed liquidators of the Defendant company notwithstanding the relationship that exists between the firm in which they are partners or are employed and ANZ National Bank Limited, as disclosed in Mr Levin's and Ms Madsen-Ries' consent dated 7 July 2010.[4] Costs are awarded to the plaintiff on a 2B basis, with disbursements as fixed by the Registrar. [5] The rates of remuneration of the liquidators and their staff working under their supervision and control are set at the rates set out in the liquidators' consent dated 7 July 2010. [6] Leave is reserved to the liquidators to apply from time to time, but not more frequently than six-monthly, for the approval of other rates, any such application being supported by affidavit evidence of the liquidators deposing to the rates and of an independent expert deposing to their reasonableness. [7] The above orders made in terms of [5] and [6] hereof are subject to the requirement that at the conclusion of the liquidation, an application will be made to fix the overall remuneration of the liquidators. Orders timed at 10:10am on 4 October 2010. .......................................................PETERS J.Solicitors:Susan L Law, Inland Revenue Department, P O Box 76-198 Auckland 2241Email: susan.law@ird.govt.nzHucker & Associates, P O Box 3843 Shortland Street, Auckland 1140Email: hucker@huckerlaw.com / danisha@huckerlaw.comCase Officer: Katerina.Wysoczanski@justice.govt.nz