15 Dec 2017
THE COMMISSIONER OF INLAND REVENUE v CHESTERFIELDS PRESCHOOLS LTD & SISSON [2017] NZHC 3172
- Citation
- [2017] NZHC 3172
- Court
- High Court
The Court found the company insolvent and its two remaining assets (land and insurance claim) were in jeopardy because Ms Sisson, an undischarged bankrupt with no authority, was negotiating sales and security arrangements without liquidators' involvement; those actions risk reducing realisations to creditors. Under s 246(1) an interim liquidator must be appointed to preserve asset value and protect creditor interests.