New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Validity of liquidators' appointment

Legal area

Court

19 Jun 2023

BANK OF NEW ZEALAND v GRANT [2023] NZHC 1507

Citation

[2023] NZHC 1507
Court

High Court

The Court granted the bank leave under s 284(1)(g) and declared the respondents' appointments as liquidators of the subsidiary companies invalid because, on construction of the GSAs and given the parent company's Event of Default, the parent had surrendered the conditional right to deal with secured property and the bank (via appointment of receivers and the GSA's express powers to exercise the company's 'Rights') retained the entitlement to exercise the parent's shareholder voting power to appoint liquidators of the subsidiaries; the liquidators' custody of the parent's assets did not includ…
10 Jun 2009

THE COMMISSIONER OF INLAND REVENUE V GREENERY HOLDINGS LTD (IN LIQUIDATION) FORMERLY KNOWN AS VISTAITA LTD HC AK CIV 2008-404-007561

Citation

openlaw-39962fa3_611a_4ac5_b4c3_3fa402a942ea.pdf
Court

High Court

Evidence established the shareholders' resolution appointing Messrs Burgess and Young was passed on 15 December 2008, so s241AA did not invalidate the appointment; the Commissioner withdrew the challenge and the court awarded costs to the respondent at 50% on a 2B basis due to initial error by the liquidator and subsequent conduct of the Commissioner.