20 Dec 2017
CHESTERFIELDS PRESCHOOLS LIMITED v COMMISSIONER OF INLAND REVENUE [2017] NZCA 624
- Citation
- [2017] NZCA 624
- Court
- Court of Appeal
The application for a stay was declined because the High Court judge properly found a prima facie risk to the company's assets warranting appointment of interim liquidators under s246(1); the purpose of such an appointment is to maintain asset value and, except for truly perishable property, interim liquidators do not have power to dispose of company property absent an express limitation being varied, so a stay was unnecessary and the applicant may apply to recall or vary the High Court order if the interim liquidators act improperly.