OCEANIC PACIFIC SALVAGE AND STEEL LTD (IN LIQUIDATION) V SPECIALISED CONTAINER SERVICES (NAPIER) LIMITED HC NAP CIV-2012-441-060

OCEANIC PACIFIC SALVAGE AND STEEL LTD (IN LIQUIDATION) V SPECIALISED CONTAINER SERVICES (NAPIER) LIMITED HC NAP CIV-2012-441-060

Associate Judge Gendall accepted that the director could be treated as the real applicant under s 250(2)(c), found Oceanic able to meet its debts and liquidator's costs and that shareholders would be no worse off, and therefore ordered termination of the liquidation subject to payment of $7,000 to the plaintiff's...

Source-derived case information.

Citation
openlaw-7474220a_e91c_494b_9e2b_218a975d71b2.pdf
Parties
Applicant (in Liquidation): Oceanic Pacific Salvage and Steel Ltd (In Liquidation); Respondent (creditor): Specialised Container Services (Napier) Limited
Court
High Court
Jurisdiction
New Zealand
Judgment Date
22 March 2012
Procedural Posture
S 250 Companies Act 1993 Application to Terminate Liquidation / Judgment on Application; Order Made Conditionally
Outcome
Order terminating the liquidation of Oceanic Pacific Salvage and Steel Ltd (In Liquidation) made to lie in Court until conditions are fulfilled
Legal Topics
Termination of Liquidation, Section 250 Companies Act 1993, Creditors' Consent and Payment of Liquidator's Costs
Company Law Insolvency Law Civil Procedure Termination of Liquidation Section 250 Companies Act 1993 Creditors' Consent and Payment of Liquidator's Costs

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Parties

Oceanic Pacific Salvage and Steel Ltd (In Liquidation)

Applicant (in Liquidation)

Specialised Container Services (Napier) Limited

Respondent (creditor)

Procedural Posture

S 250 Companies Act 1993 Application to Terminate Liquidation / Judgment on Application; Order Made Conditionally

Legal Issues

  1. 1 Whether the liquidation of Oceanic should be terminated under s 250
  2. 2 Whether a company in liquidation can be the notional applicant or whether a director may bring the application
  3. 3 Whether creditors and liquidator's costs are paid, secured or have consented

Ratio Decidendi

Associate Judge Gendall accepted that the director could be treated as the real applicant under s 250(2)(c), found Oceanic able to meet its debts and liquidator's costs and that shareholders would be no worse off, and therefore ordered termination of the liquidation subject to payment of $7,000 to the plaintiff's solicitors' trust account and payment in full of the liquidator's costs and disbursements before the order is sealed.

Court Disposition

Order terminating the liquidation of Oceanic Pacific Salvage and Steel Ltd (In Liquidation) made to lie in Court until conditions are fulfilled

Orders

  • Order terminating the liquidation of Oceanic Pacific Salvage and Steel Ltd (In Liquidation)
  • Order to lie in Court and not be sealed until Registrar receives confirmation that $7,000 has been paid to the plaintiff's solicitors' trust account