New Zealand Case Law: Decisions & Judgments

Topic

Asset transfers to trusts

Legal area

Court

25 Feb 2016

ZHENG LI TRUSTEE LIMITED AND MK TRUSTEE 2013 LIMITED v EWAN STUART HENDERSON [2016] NZHC 292

Citation

[2016] NZHC 292
Court

High Court

The trustees proved the s13 jurisdictional facts (certain debt >$1,000, act of bankruptcy by non-compliance with the bankruptcy notice, debt payable immediately). The Court found public interest factors and potential asset-transfer issues favoured adjudication but, given the debtor's serious health issues and plausible short-term prospects of employment using recent qualifications, the Court exercised its discretion under s37 to adjourn the adjudication application for three months rather than making an immediate adjudication order, while noting the prima facie entitlement of the trustees and…
24 Jul 2013

BRIDGECORP LTD (IN REC AND IN LIQN) v NIELSEN [2013] NZHC 1848

Citation

[2013] NZHC 1848
Court

High Court

The Official Assignee proved it was not in the public interest to discharge Nielsen: he demonstrated continued commercial irresponsibility, failure to comply adequately with bankruptcy duties and disclosure, continuing involvement and control of business and trust assets during bankruptcy, and posed a real risk of further creditor loss; conditions would be inadequate protection, therefore bankruptcy was lawfully extended until at least 23 November 2015.
15 Apr 2010

BALENIA LTD V I V J ERCEG HC AK CIV-2009-404-002459

Citation

openlaw-cecb8602_071b_4cec_ba00_d6a6aacb91c0.pdf
Court

High Court

The application to suspend was dismissed because the applicant can prosecute the appeal without suspension, the proposed €10 million contract deposit was unproven and the contract terms made performance optional, the applicant had not cooperated with the Official Assignee and was absent from New Zealand, and there was a real risk of prejudice to creditors and the need for investigation into asset transfers; on this basis the court exercised its discretion to refuse suspension.

New Zealand Case Law

ZHENG LI TRUSTEE LIMITED AND MK TRUSTEE 2013 LIMITED v EWAN STUART HENDERSON [2016] NZHC 292

BRIDGECORP LTD (IN REC AND IN LIQN) v NIELSEN [2013] NZHC 1848

BALENIA LTD V I V J ERCEG HC AK CIV-2009-404-002459