22 May 2018
FINNIGAN v ELLIS [2018] NZHC 1146
- Citation
- [2018] NZHC 1146
- Court
- High Court
Court found defendants breached ss135, 136 and 137: Black was a shadow and at times de facto director; Ellis, despite a purported resignation, continued to act as a de facto director; directors traded recklessly, agreed to obligations without reasonable grounds and failed to exercise requisite care; as consequence defendants ordered jointly and severally to contribute the liquidators' proved principal of $765,692.81 plus interest; specified general security agreements set aside under s294(5).