21 Oct 2019
Unopposed evidence established that the net debts owed by the respondents to Starplus exceeded the respective surplus amounts paid into solicitors' trust; accordingly the retained sum of $31,906 (plus interest) should be paid to the liquidators for distribution to Starplus' creditors under s 284.
29 Mar 2019
The payments made by Bar Red Ltd were consideration for the purchase of BPSL's Spitting Feathers Bar business assets and not payment for the assignment of ECSL's leasehold interest; therefore those payments were not subject to Commercial Factors' GSA over ECSL's assets and the liquidators were entitled to retain the funds and deduct reasonable fees, so the appeal was dismissed.
27 Apr 2012
590 Trounson Park Road is a wholly owned asset of Dragon Flyte Farm Ltd; the Butchers have no beneficial or caveatable interest in that land; the liquidators are entitled to exercise the company's powers to retain exclusive possession, issue trespass notices and to sell the property using their commercial judgment; the Butchers do not qualify as 'employees' for preferential payment under the Seventh Schedule and therefore rank as unsecured creditors; questions as to the amounts of the Butchers' and Burgesses' claims and the validity/remuneration of the former liquidators are reserved for furt…