THE COMMISSIONER OF INLAND REVENUE V CENTURY CITY HUNTER STREET LIMITED & ORS HC WN CIV-2010-485-2085

THE COMMISSIONER OF INLAND REVENUE V CENTURY CITY HUNTER STREET LIMITED & ORS HC WN CIV-2010-485-2085

Given the absence of timely formal opposition, the unproven nature of the proposed US$100 million funding and uncertainty as to adequacy of the offered securities, but recognising the need to avoid immediate liquidation without minimal opportunity to prove payment, the court granted a brief, specific adjournment...

Source-derived case information.

Citation
openlaw-de5fa2a8_716d_40e3_8200_fc8e0c6a5ce8.pdf
Parties
Judgment Creditor: Commissioner of Inland Revenue; Judgment Debtor: Century City Hunter Street Limited; Judgment Debtor: Century City Investments Limited; Judgment Debtor: Century City Football Limited; Judgment Debtor: Century City Developments Limited; Judgment Debtor: Century City Management Limited; Creditor in Support: Accident Compensation Corporation
Court
High Court
Jurisdiction
New Zealand
Judgment Date
7 March 2011
Procedural Posture
Applications for Liquidation (winding Up) / Interim Hearing for Adjournment and Directions
Outcome
Applications for liquidation adjourned to a short specified call with directions; Accident Compensation Corporation added as plaintiff in two proceedings
Legal Topics
Liquidation, Adjournment, Security for Debts, Service and Notice Requirements
Insolvency Civil Procedure Tax Law Liquidation Adjournment Security for Debts Service and Notice Requirements

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 3 Authorities cited 1 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Parties

Commissioner of Inland Revenue

Judgment Creditor

Century City Hunter Street Limited

Judgment Debtor

Century City Investments Limited

Judgment Debtor

Century City Football Limited

Judgment Debtor

Century City Developments Limited

Judgment Debtor

Century City Management Limited

Judgment Debtor

Accident Compensation Corporation

Creditor in Support

Procedural Posture

Applications for Liquidation (winding Up) / Interim Hearing for Adjournment and Directions

Legal Issues

  1. 1 Whether each defendant company should be placed into liquidation
  2. 2 Whether to grant an adjournment to enable funding and securities to be provided
  3. 3 Whether the securities and proposed US$100 million funding are adequate and proven

Ratio Decidendi

Given the absence of timely formal opposition, the unproven nature of the proposed US$100 million funding and uncertainty as to adequacy of the offered securities, but recognising the need to avoid immediate liquidation without minimal opportunity to prove payment, the court granted a brief, specific adjournment with strict filing deadlines to allow proof of payment or security; failure to do so will allow liquidation to proceed.

Court Disposition

Applications for liquidation adjourned to a short specified call with directions; Accident Compensation Corporation added as plaintiff in two proceedings

Orders

  • Matters adjourned to 10.15 am on 10 March 2011 for call
  • Any formal statements of defence together with further affidavit evidence in support to be filed and served by 5.00 pm on 8 March 2011