Liquidator Mark Norrie has been hit with a second order to pay costs this year in relation to liquidation proceedings. In Norrie v Time3 Global Ltd, the High Court addressed the issue of costs resulting from a quashed order to set aside a transaction made pursuant to s 295 of the Companies Act 1993.

In Petterson v Hutt a liquidator sought an interim injunction preventing any enforcement steps being taken under two general security agreements (GSAs).  In the substantive proceeding, the liquidator sought to have the GSAs set aside.

The Court of Appeal in Madsen-Ries v Petera considered the reasonableness of directors' remuneration in circumstances when a company is in a dire financial position.  Mr and Mrs Petera, directors of a failed transport business, were asked by the liquidators to repay the salaries they declared for tax purposes, because they had not complied with the certification requirements under section 161 of the Companies Act 1993 (Act), being to satisfy themselves on reasonable grounds that the payments were fair to the company.