FISHER INTERNATIONAL TRUSTEES LTD AND ANOR V WATERLOO BUILDINGS LTD (IN LIQUIDATION) AND ORS HC AK CIV-2009-404-006640

FISHER INTERNATIONAL TRUSTEES LTD AND ANOR V WATERLOO BUILDINGS LTD (IN LIQUIDATION) AND ORS HC AK CIV-2009-404-006640

Joinder of Fisher Trustee Limited and Melisa Watson was necessary and ordered; applicants had not established on the evidence an overwhelming lack of independence or urgency to justify replacing the liquidator without affording Ms Watson a proper opportunity to be heard under s 283(4); accordingly the Court preserved the status quo by restraining Ms Watson from resigning and appointing a successor and directed a timetable for Ms Watson to file further affidavits and for applicants to reply before the review proceeds.

Citation
openlaw-aba5b6e1_f5b5_44ac_ab9f_6d87877e860b.pdf
Parties
First Applicant: Fisher International Trustees Ltd; Intended Second Applicant: Fisher Trustee Limited; First Respondent: Waterloo Buildings Ltd (in liquidation); Second Respondent: Peter George Clode; Intended Third Respondent: Melisa Marvin Jane Watson
Court
High Court
Jurisdiction
New Zealand
Judgment Date
12 November 2009
Procedural Posture
Application Under S 283(4) Companies Act 1993 to Review and Replace Liquidator / Hearing Held; Judgment and Orders Issued
Outcome
Joinder of Fisher Trustee Limited and Melisa Watson ordered; adjournment for joinder refused but adjournment granted on terms for the s 283(4) review; third respondent restrained from resigning and appointing a successor; timetable for evidence fixed; costs reserved.
Legal Topics
Replacement of Liquidator, Joinder, Adjournment, Independence of Liquidator, Court Supervision of Liquidations, S 283(4) Companies Act 1993
Companies Law Insolvency Civil Procedure Replacement of Liquidator Joinder Adjournment Independence of Liquidator Court Supervision of Liquidations +1 more

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Parties

Fisher International Trustees Ltd

First Applicant

Fisher Trustee Limited

Intended Second Applicant

Waterloo Buildings Ltd (in liquidation)

First Respondent

Peter George Clode

Second Respondent

Melisa Marvin Jane Watson

Intended Third Respondent

Procedural Posture

Application Under S 283(4) Companies Act 1993 to Review and Replace Liquidator / Hearing Held; Judgment and Orders Issued

Legal Issues

  1. 1 Whether Fisher Trustee Limited and Melisa Watson should be joined as parties
  2. 2 Whether the appointment of the liquidator (Ms Watson) should be reviewed and she replaced under s 283(4)
  3. 3 Whether an adjournment should be granted to enable respondents to obtain representation and file evidence

Ratio Decidendi

Joinder of Fisher Trustee Limited and Melisa Watson was necessary and ordered; applicants had not established on the evidence an overwhelming lack of independence or urgency to justify replacing the liquidator without affording Ms Watson a proper opportunity to be heard under s 283(4); accordingly the Court preserved the status quo by restraining Ms Watson from resigning and appointing a successor and directed a timetable for Ms Watson to file further affidavits and for applicants to reply before the review proceeds.

Court Disposition

Joinder of Fisher Trustee Limited and Melisa Watson ordered; adjournment for joinder refused but adjournment granted on terms for the s 283(4) review; third respondent restrained from resigning and appointing a successor; timetable for evidence fixed; costs reserved.

Orders

  • Fisher Trustee Limited is joined as second applicant and Melisa Marvin Jane Watson is joined as third respondent.
  • The third respondent is restrained from taking any steps under s 283(2) to resign and appoint anyone else as liquidator of Waterloo Buildings Limited until completion of the review under s 283(4) or further order of the Court.