13 Jul 2023
ZHENG v JUN YUE INVESTMENT LTD [2023] NZHC 1824
- Citation
- [2023] NZHC 1824
- Court
- High Court
No interim liquidator was appointed because jurisdiction was unclear (no liquidation application) and, even if available, liquidation would likely prejudice a viable company and the majority shareholder; however, an interim receiver was justified because the company's financial affairs are opaque, there is a substantial risk of asset dissipation identified by the Court, and the director's contradictory and materially inaccurate evidence (including undisclosed withdrawals of $1.698m) showed she could not be relied on to manage the company; accordingly Benjamin Francis was appointed as interim…