19 Jul 2016
BAY METAL FABRICATORS LIMITED (IN LIQUIDATION) v STEENSON [2016] NZHC 1634 [19 July 2016]
- Citation
- [2016] NZHC 1634
- Court
- High Court
Company was insolvent from at least 31 March 2008; defendants took personal drawings and received salary without statutory authorisation or adequate explanation; repayments to shareholders within the look-back period were voidable; director breached ss 131, 135 and 136 by continuing to trade while insolvent and incurring obligations the company could not meet; liquidators were entitled to recover specified sums under s 161, to set aside voidable transactions under ss 292/294, and to obtain compensation under s 301; orders for repayment and contribution were granted against the defendants acco…