26 Jul 2006
WALLER & ANOR AS LIQUIDATORS OF KIWI INTERNATIONAL AIRLINES LTD (IN LIQUIDATION) HC AK CIV 2005-404-7051
- Citation
- openlaw-f20acf74_c7cd_42e1_a8c6_664f01aa8821.pdf
- Court
- High Court
Where the cost, practical difficulty and likely outcome of undertaking the full proof of debt and distribution process would be unreasonable and inefficient and would defeat the purpose of distribution (by exhausting or substantially reducing the fund), the Court may, under its s 284 powers, direct that the net surplus (after liquidators' costs) be paid into the Crown Liquidation Surplus Account and dispense with statutory procedural requirements, thereby completing or terminating the liquidation and releasing the liquidators from further administration.