14 Apr 2016
FINANCIAL MARKETS AUTHORITY v PTT LIMITED (IN RECEIVERSHIP) [2016] NZHC 692
- Citation
- [2016] NZHC 692
- Court
- High Court
The High Court has jurisdiction under FMCA ss 522 and 523 to order receivers' fees, costs and indemnities be met from assets where such orders align with the objects of the FMCA; however, where the FMA seeks such an order the Court should not determine it on a without‑notice basis and should only order costs be met from assets after hearing all relevant parties and being satisfied that (a) the receivership is clearly justified in the interests of potentially aggrieved persons and (b) payment from assets will not disproportionately reduce returns to those aggrieved persons relative to their be…