23 Apr 2018
Re FORESTLANDS (No.2) Limited [2018] NZHC 754
- Citation
- [2018] NZHC 754
- Court
- High Court
The Court authorised payment of the assessed income tax and interest from the solicitors' trust account because the accountant's affidavit established that each tax‑paying company had substantial net assets and could pay its debts as they fall due, there was no evidence of insolvency or that payment would improperly prefer the IRD, the penalties to be avoided were substantial and prejudicial to shareholders, and the FMA did not oppose the order (abiding the Court's decision).