19 Feb 2020
BODY CORPORATE 172108 v MANCHESTER SECURITIES LIMITED [2020] NZHC 198
- Citation
- [2020] NZHC 198
- Court
- High Court
BC 172108 is a creditor by virtue of the existing judgment; Manchester is unable to pay its debts on a cashflow basis because it cannot both complete remediations and pay the judgment and its managing director will not authorize payment; the risk to other creditors and to completion of remediation outweighs the opposing considerations from Manchester's unliquidated counterclaim; accordingly the Court will appoint liquidators, subject to a conditional period allowing Manchester to pay specified sums by 11 March 2020.