27 Feb 2014
MAINZEAL PROPERTY AND CONSTRUCTION LTD (IN RECEIVERSHIP AND IN LIQUIDATION) v RICHINA GLOBAL REAL ESTATE LTD [2014] NZHC 277 ]
- Citation
- [2014] NZHC 277
- Court
- High Court
The Court ordered liquidation of RGREL because RGREL failed to rebut the s 287 presumption arising from non-compliance with a statutory demand and did not prove it was able to pay its debts under the cash‑flow test. The Court declined to liquidate Isola: although Isola also failed to discharge the burden, the Court in its discretion refused liquidation because KFL was the only substituting creditor, the KFL claim was the subject of substantial and complex factual and legal disputes about intercompany transactions and assets, and the matters were better resolved in other proceedings or by full…