2 Oct 2020
VANCE v VEY GROUP LIMITED [2020] NZHC 2592
- Citation
- [2020] NZHC 2592
- Court
- High Court
Because of entrenched mismanagement, loss of trust, and an intertwined disputed intercompany debt that materially affects any fair buy-out, the only proportionate and enforceable remedy was to order Vey Group Limited into liquidation with the existing receivers appointed as liquidators and the liquidation order to lie in court until a fixed date to allow negotiation and potential settlement; the receivers' investigation provided a sufficient basis to treat the Orana debt as a liability for the purposes of this remedy.