19 Dec 2018
RE LBC HOLDINGS NZ LTD & ORS (ADMINISTRATORS APPOINTED) [2018] NZHC 3413
- Citation
- [2018] NZHC 3413
- Court
- High Court
Where creditors at the watershed meeting resolve that a company is to execute a DoCA, the administrators have the power to authorise or execute that DoCA on behalf of the company without requiring a board resolution: s 239ACO(4) preserves administrators' powers under s 239U and must be read to prevent directors from vetoing a creditors-approved DoCA, consistent with the purposes of Part 15A.