5 Sept 2013
MADSEN-RIES AND LEVIN AS LIQUIDATORS OF SHEPTON INVESTMENTS LIMITED (IN LIQUIDATION) v BOYD-DUNLOP [2013] NZHC 2153
- Citation
- [2013] NZHC 2153
- Court
- High Court
On the balance of probabilities the company did not make a payment or equivalent to the trustees; the ledger entries reflected a tripartite arrangement that produced a benefit to the shareholders by way of set-off and reinstatement of the shareholders' debt is required; accordingly the court ordered repayment by the shareholders under s 295(c) and recognised the trustees' original debt claim under s 295(g).