22 Jun 2017
HOLLIS and SOMERVILLE v TOTAL DEBT SOLUTIONS (2009) LTD (In Liquidation) [2017] NZHC 1383
- Citation
- [2017] NZHC 1383
- Court
- High Court
Given the poor records and the disproportionate cost and likely futility of retrospective tracing, and applying established authorities allowing liquidators' reasonable costs to be charged to trust assets where work directly relates to those assets, the court directed that the liquidators may have recourse to all funds received into the company's bank accounts (including the 25 account) to meet their expenses and remuneration, including legal fees incurred in relation to those monies; service of the application was dispensed with.