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 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.

'Restructuring by numbers' has never been good enough. That is more true now than ever.

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.

In Taylor & Ors v Bank of New Zealand (HC, 14/12/2010, Panckhurst J, Christchurch, CIV 2008-409-964), the High Court held that a bank's appointment of a receiver without any prior written notice to the debtor was in accordance with the terms of the security agreement and was therefore valid.

In Stiassny v Commissioner of Inland Revenue the court considered whether the receivers of 2 companies trading together in partnership were personally liable for GST on the sale of partnership assets, and whether a claim could be made against the Commissioner of Inland Revenue for money had and received.

ACC had contracted OPC to provide services. OPC's directors later established the OPC Trust, with OPC as the trustee, and 3 residuary trusts as beneficiaries.

The mere existence of a secured remedy against another party is not a substantial ground for refusing to allow a creditor to pursue a remedy against a guarantor.