7 Nov 2014
JENNINGS ROADFREIGHT LIMITED (IN LIQUIDATION) v COMMISSIONER OF INLAND REVENUE [2014] NZSC 160
- Citation
- [2014] NZSC 160
- Court
- Supreme Court
Section 167(2) is a specific qualification of s167(1); where PAYE amounts fell due before liquidation but remain unpaid at liquidation, s167(2) applies and those amounts are distributed under Companies Act Schedule 7 rather than being retained as s167(1) trust property (unless potentially segregated prior to liquidation). Consequently the Commissioner must repay the contested bank balance of $14,076.38.