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:

1. 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
2. a company's rights that exist at the time of liquidation.

Foreign judgments can be enforced in Norway if (a) the parties have agreed to the jurisdiction of the foreign court or (b) there is a treaty between Norway and the relevant foreign country on the enforcement of judgments. Generally speaking there is only one treaty relevant for the enforcement of foreign commercial judgments in Norway, the Lugano Convention.

Introduction

The Federal High Court Lagos ("FHC”), delivered a ruling in Suit No.: FHC/L/CP/540/2012 RRSAT Global Communications Networks Limited v Daar Communications Plc, affirming its jurisdiction to hear a petition for the winding up of a company despite a clause in the parties’ agreement to submit disputes between the parties to a foreign court.

The facts of the case

One of the challenges currently faced with Nigeria’s standing in relation to international trade is the adequacy of the country’s insolvency laws and regulations on cross-border insolvency. Trade has taken an international dimension over the decades, a corporation in one country will have interests – goods, assets, employees and claims in other countries. During the life of a company and as it continues to trade, there is the likelihood for the company to fail such that its liabilities far exceed its assets and it goes insolvent.

[2007] NZCA 122

Decision of The Court Of Appeal of New Zealand on Sham and Alter Ego Trusts

Facts and Decision