27 Jul 2009
TASMAN PACIFIC AIRLINES OF NZ LTD (IN LIQUIDATION) AND TASMAN PACIFIC REGIONAL AIRLINES LTD (IN LIQUIDATION) AND ANOR V NEW ZEALAND AIRLINE PILOTS' ASSOCIATION AND ANOR HC AK CIV-2009-404-0090
- Citation
- openlaw-0a221c66_c4f5_4fda_9453_37661a859d56.pdf
- Court
- High Court
The Court held the liquidators' application to pay the remaining funds into the Liquidation Surplus Account was not reasonable or efficient under s253 and inconsistent with the pari passu distribution obligation in s313; the application was dismissed and the liquidators must carry out a final distribution to unsecured creditors, after which any residual funds may be paid into the Liquidation Surplus Account following a further application if necessary.