Mr Petricevic is the former director of Bridgecorp and currently faces criminal charges of fraud that carry with them the possibility of a maximum of 49 years in prison.

The Ministry of Economic Development has released a discussion document (together with a Q & A) which considers a range of potential changes to the fees and levies that fund the institutions that regulate New Zealand's corporate environment and financial markets.

Findings last week of criminal liability in the Nathans Finance case echo the Centro ruling from the Australian Federal Court last month and make it clear that directors must apply their own judgement in the exercise of their duties rather than simply relying on management and expert advice.

The recent case of Simpson v Commission of Inland Revenue (HC, 17/5/2011; Dobson J, Wellington, CIV 2010-485-1860) concerned the issue of whether receivers are personally liable to account for goods and services tax (GST) on the sale of six properties effected by them.

A recent judgment in the Wellington High Court makes receivers, liquidators – and, potentially, the directors of companies in receivership and liquidation – personally liable for GST on the sale of mortgaged properties even where the mortgagee is not GST registered.1

The decision is being appealed and may be overturned as – in our view – it rests upon an unusual interpretation of the law. 

The government placed the Hubbards, their companies (Aorangi Securities and Hubbard Management Funds), and seven charitable trusts in statutory management in June 2010. 

Simpson and Downes v CIR involved an application by receivers for directions under section 34 of the Receiverships Act 1993 in relation to whether the receivers of a mortgagee were personally liable to account for GST on the supply of six properties sold by the receivers at mortgagee sale.

Finnigan v He underlines the obligatory nature of bankruptcy set-off whereby once the statutory requirements that exist in section 310 of the Companies Act 1993 are met (and no exclusion applies), such a set-off is mandatory. It also discusses when a transaction occurs and the operation of the exclusion in section 310(2) that preludes bankruptcy set-off.

The case of Taylor and Ors v B concerned a company that imported and distributed hair care products, Cabellos Holdings Limited.

Khan v Reid acts as a reminder to file applications and appeals promptly.