29 Apr 2022
Although rates and the office service charge were relatively high, the liquidators achieved a solvent liquidation enabling 100% distributions to creditors and shareholders and provided shareholder consents; requiring further detail would be disproportionate, so the Court approved the claimed remuneration of $49,813.17 as fair and reasonable in the circumstances.
11 Nov 2015
The ROS and subsequent 2012 accounting communications constituted either an implied contractual term and/or promissory estoppel that entitled and required WCHL to pay Mr Keogh US$52,312.26 on liquidation distributions as shown in the 2012 accounts; WCHL and Mr Harrison were estopped and in breach by causing payment to Channor and withholding payment to Mr Keogh; the 2013 revised accounts could not be relied on to claw back prior accepted account positions and the counterclaim was dismissed.
9 Apr 2009
Defendant breached s135 (reckless trading) and s137 (duty of care) by allowing the executive director to operate without adequate supervision or formal reporting systems, thereby creating a substantial risk of serious loss to investor creditors; defendant did not breach s131, s133 or s136 and was not liable for losses caused by the transfer to FX Active; s138 defence unavailable because reliance was on informal oral assurances not proper reports; relief awarded as contribution to liquidation of NZD17,492.50 and USD148,875.75.