12 Dec 2022
FRANCIS v INNES [2022] NZHC 3354
- Citation
- [2022] NZHC 3354
- Court
- High Court
The Court declined to validate the 25 November shareholders' resolution because it contravened s122, but exercised its power under s241(2)(c)(iii) to appoint the first applicants as joint and several liquidators because the company was insolvent, there was urgency, the first applicants had already undertaken critical investigatory work, their appointment served the best interests of creditors and ensured continuity and perceived independence during the liquidation.