21 Jun 2017
KIWI INTERNET MARKETING LTD v TRENT [2017] NZHC 1374
- Citation
- [2017] NZHC 1374
- Court
- High Court
Applying the ANZ v Gibson objective test and Companies Act presumptions, the Court found Kiwi had not established reliable evidence that subdivision receipts would be realised within two years and that independent evidence and the director's inconsistent and misleading testimony (and an abatement notice) undermined forecasts; however there was a realistic prospect of meeting the demand by rapid restructuring of Trent family assets. The Court therefore fixed a reasonable period of 30 working days for compliance, declined immediate liquidation and declined the 24‑month extension.