8 Apr 2016
MADSEN-RIES AND VANCE AS LIQUIDATORS OF PETRANZ LTD (IN LIQ) v PETERA [2016] NZCA 103
- Citation
- [2016] NZCA 103
- Court
- Court of Appeal
The Court held that s161 requires fairness as between directors/shareholders and the company and does not import creditor interests; therefore directors need not consider creditor interests when certifying fairness under s161, and creditor protection is provided by the solvency regime and duties such as s135/s301; on the facts Lang J correctly found the salaries fair to the company (full value provided and PAYE paid) and made no legal error.