28 Sept 2018
RE CBL INSURANCE LTD (IN LIQ) [2018] NZHC 2547
- Citation
- [2018] NZHC 2547
- Court
- High Court
The application was dismissed because execution of the proposed commutation agreement by interim liquidators was beyond their statutory powers under s 246 when measured against the statutory purpose of maintaining the value of the company's assets; the proposed transaction would divest substantial assets and effectively resolve a major creditor's claim in a manner that is ordinarily for a liquidator or collective creditor processes and is disputed on the evidence, so cannot be authorised as within interim liquidators' powers.