2 Mar 2016
WILLBURN FURNITURE AND RESTORATIONS LTD (IN LIQUIDATION) v GLEDHILL [2016] NZHC 331
- Citation
- [2016] NZHC 331
- Court
- High Court
Court found on the evidence that the company was insolvent by 31 March 2014, the transfer of the van to the first defendant and the payment of auction proceeds into the second defendant's personal account were dispositions of company assets that prejudiced creditors, and the first defendant systematically withdrew company funds for personal use. The first defendant breached duties under ss 131,133,135 and 137. Remedies awarded: compensation under s 348 for the van ($13,300) and auction proceeds ($22,680.08) with interest, judgment for repayment of shareholder current account drawings ($91,995…