12 Feb 2016
CENTRAL TYRES WAIPUKURAU LTD (IN LIQUIDATION) & ORS v PALLESEN & ORS [2016] NZHC 146
- Citation
- [2016] NZHC 146
- Court
- High Court
Pallesen breached s194 by failing to keep adequate accounting records, and that failure materially contributed to CTWL's inability to pay its debts and substantially impeded the liquidation; Pallesen also breached s135 (reckless trading from January 2013) and s137 (lack of adequate care/diligence). Therefore the Court declared him personally liable under s300 for unpaid creditors and ordered contributions under s301 for the quantified losses and liquidators' unpaid costs; repayment of the overdrawn director current account with prescribed interest was also ordered.