11 Mar 2015
MALCOLM DAVID HADDON, ANNE MARGARET HADDON AND GERALD PETER HADDON v JACKEYTOWN PROPERTY 2012 LIMITED [2015] NZHC 431
- Citation
- [2015] NZHC 431
- Court
- High Court
The court refused to appoint an administrator under s239L because the applicant failed to prove administration was likely to produce a better return for creditors than immediate liquidation: evidence of Blooms' trading prospects and financial position was inadequate, the company's only activity was passive rent receipt with little scope for restructuring, and major secured creditors could block any DOCA; accordingly appointment of an administrator was not justified and the liquidation application was adjourned to consider the appointment of liquidators.