24 Mar 2015
MADSEN-RIES and VANCE v PETERA [2015] NZHC 538
- Citation
- [2015] NZHC 538
- Court
- High Court
Payments traced from company accounts were, except for declared and authorised salaries, shareholder drawings repayable to the company; directors breached duties under ss131,135,136 and137 by permitting the company to trade while unable to meet tax obligations and by using company funds for personal purposes; defendants failed to establish reliance defences under s138 and s300(2); remedy awarded: judgments for recovery of withdrawn funds, s301 compensation limited to losses after 31 July 2006 for unpaid GST and for specified unpaid income tax years, and a s300 declaration of personal liabilit…