28 Apr 2015
MIZEEN PAINTERS LMITED (IN LIQUIDATION) v TAPUSOA [2015] NZHC 826
- Citation
- [2015] NZHC 826
- Court
- High Court
The defendants used company funds for personal purposes while the company was insolvent from at least 31 January 2011, thereby breaching statutory duties (ss131,135,136 and s194); those breaches caused the creditor losses and impeded liquidation, so the court ordered repayment of the shareholders' current account ($351,096), contribution for reconstruction costs ($9,951.90), and compensation under s301 equal to admitted creditor losses ($60,298.69) with interest and costs.