22 Jun 2023
ST PAULS BODY CORPORATE 85978 v COW POWER INVESTMENTS LIMITED [2023] NZHC 1559
- Citation
- [2023] NZHC 1559
- Court
- High Court
The statutory demand was validly served and was not set aside; the statutory presumption of insolvency under s287 was unrebutted because no affidavit evidence was filed to show a genuine dispute or exceptional circumstance; the cashflow test for inability to pay debts under s241(4)(a) is satisfied; trust indemnity issues and trust assets do not preclude liquidation of an insolvent trustee company and are matters for the liquidator; accordingly the company is ordered into liquidation and costs are awarded to the plaintiff.