12 Jun 2017
RANOLF COMPANY LTD (IN LIQUIDATION) v BHANA AND BHANA & ANOR [2017] NZHC 1183 [12 June 2017]
- Citation
- [2017] NZAR 1047
- Court
- High Court
Ranolf was a trustee from 26 May 2004 to 22 July 2015; the four creditor debts were incurred by Ranolf as trustee; the trust deed indemnity (and s 38 Trustee Act) authorises recourse to trust assets to meet those debts and to meet reasonable costs incurred enforcing the indemnity; liquidators' enforcement costs are recoverable from trust assets but must be assessed for reasonableness and were reduced by the Court to specified amounts which are ordered to be paid with priority in accordance with company law.