New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Liquidation scheme

Legal area

Court

25 Mar 2009

HIH OVERSEAS HOLDINGS LIMITED (IN LIQUIDATION) V HIH CASUALTY AND GENERAL INSURANCE LIMITED (IN LIQUIDATION) HC AK CIV 2001-404-004096

Citation

openlaw-c92abe9e_0df9_4708_b6c7_4a3d9a5cf22f.pdf
Court

High Court

The Court approved the liquidators' remuneration for the two companies as reasonable and appropriate in light of the detailed records, the complexity of administration, and demonstrated success in recoveries and surplus generation, while making the approvals subject to the Court's continuing review power under s218(1)(c) Companies Act 1993.
17 Jul 2008

HIH INSURANCE HOLDINGS (NZ) LTD (IN LIQUIDATION) V HIH CASUALTY AND GENERAL INSURANCE LTD (IN LIQUIDATION) HC AK CIV 2001-404-004097

Citation

openlaw-d4537000_c85c_4679_b084_858b66692eab.pdf
Court

High Court

Given the unusual but commercially successful administration of the liquidation—payment of full dividends on accepted claims, maintenance of required reserves, and improved prospects for creditors—the court concluded the proposed hourly rates were appropriate and approved them from 1 April 2008 while reserving the court's overriding power to review final remuneration on approval of accounts.