New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Remuneration of receivers

Legal area

Court

14 Nov 2018

FATUPAITO v HARRIS [2018] NZCA 497

Citation

[2018] NZCA 497
Court

Court of Appeal

An appointor's exercise of the contractual power to appoint receivers is invalid if, judged objectively, the predominant purpose of the appointment is collateral to or exogenous to securing repayment of the debt; where an appointment is so tainted it is invalid and receivers appointed thereby are not entitled to recover remuneration from the company's assets; PPSA s25 supports the requirement of good faith in exercise of security rights.
22 Jun 2010

PACIFIC INTERNATIONAL LODGES LIMITED (IN RECEIVERSHIP) V BRUCE MCCALLUM AND HENRY DAVID LEVIN HC AK CIV-2008-404-2009

Citation

openlaw-f9fe928b_6504_4e36_8a66_093ca784f9f8.pdf
Court

High Court

Threshold satisfied because plaintiff was in receivership and had no available assets to meet adverse costs; no undue delay by defendants; balancing factors of fairness and equity favoured security given sole shareholder would benefit and could put company in funds; court exercised discretion to order security of $30,000 to be paid into court and stayed proceedings until payment; defendants awarded costs of $1,500.