4 Jun 2015
MADSEN-RIES & ORS v CANDY [2015] NZHC 1229
- Citation
- [2015] NZHC 1229
- Court
- High Court
The defendant, as sole director and shareholder, knowingly continued to withdraw company funds totalling $311,810.49 while the company was insolvent from at least the 2007 financial year, thereby breaching directors' duties under s131 and s135; the court entered default judgment for the overdrawn account of $311,810.49 plus interest and ordered the defendant to contribute by way of compensation $205,754.28 (the Commissioner’s proved claim and petition costs) plus interest, together with costs to the plaintiffs.
- Solvency test
- Overdrawn current account
- Director breach of duty s131
- Causing/wallowing business to be carried on s135
- Compensation under s301
- Default judgment