8 Dec 2015
A & N CONTRACTORS (2009) LIMITED (IN LIQUIDATION) v LEVIN AND MADSEN-RIES AS LIQUIDATORS OF A & N CONTRACTORS (2009) LIMITED (IN LIQUIDATION) [2015] NZHC 3091
- Citation
- [2015] NZHC 3091
- Court
- High Court
The court found the payments were personal drawings on a joint shareholder current account repayable on demand amounting to $294,231.68; the company was insolvent from at least 1 July 2010; the sole director continued trading while insolvent and allowed drawings, thereby breaching duties in ss 131, 135 and 136 and failing accounting duties, causally contributing to creditor losses; accordingly the company recovered the current account debt from both defendants and the court ordered the director under s 301 to contribute the full creditor loss of $258,810.24 plus interest from the date of liqu…