22 Apr 2016
Kiwi Deposit building Society [2016] NZHC 782
- Citation
- [2016] NZHC 782
- Court
- High Court
Because KDBS was insolvent and the instrument of dissolution does not bind creditors, trustees under the instrument could not be directed to administer an insolvency in the manner sought; statutory liquidation procedures apply via Building Societies Act s118 and the appropriate course is to place KDBS into liquidation under the Companies Act regime, with trustees reporting to members and, if qualified and authorised, applying to be liquidators.