In Nylex (New Zealand) Ltd (In Rec and in Liq) v Independent Timber Merchants Co-Operative Limited Justice Heath granted summary judgment to Nylex and rejected ITM's argument that it had a defence of equitable set-off relating to unpaid loyalty scheme obligations.
A recent decision confirms that liquidators can require creditors and other persons with relevant knowledge about the affairs of the company in liquidation to provide information.
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.
A liquidator may assign to a third party funder, among other things:
- the rights that are conferred on the liquidator under statute to bring a claim on behalf of the company. For example, rights accruing to the liquidator under the voidable transaction provisions of the Companies Act 1993
- a company's rights that exist at the time of liquidation.
Bank B sought adjudication in bankruptcy of F.
The residual powers that directors of a company in receivership have to commence a claim by that company without the receivers' consent were recently considered by the High Court.
A recent UK High Court decision on the issue of balance sheet insolvency will be of interest in New Zealand, despite the fact that the respective statutory solvency tests differ.
The recent Singapore case of Re Lehman Brothers Finance Asia Pte Ltd (in creditors' voluntary liquidation) determined that the debts of a company in foreign currency, which had been admitted in proof by the liquidators, were to be converted at the exchange rate prevailing at the "resolution date". In this context, resolution date means the day the resolution was passed placing the company into liquidation.