Just what is an account receivable has been the subject of much debate, because it determines what assets are used to satisfy preferential claims, i.e. who gets paid first in a receivership or liquidation.  In 2008, the High Court judgment in Commissioner of Inland Revenue v Northshore Taverns (in liq) confined “accounts receivable” to “book debts”.  Although since criticised, that judgment was the only judicial authority on the point.

The Court of Appeal has affirmed the High Court’s ruling that a voluntary administrator may only use a casting vote where the number of creditors voting for and against the resolution is equal. 

The second limb of the test, that the 50% represent at least 75% in value, cannot be the subject of the casting vote.  Nor can the casting vote be used to choose between the number and the value.

In the High Court decision of Herbert v Allied Nationwide Finance Limited & Others, the Court declined to approve a creditor's proposal under the Insolvency Act 2006 on the grounds that the terms were not reasonable and not calculated to benefit the general body of creditors.

InThe Commissioner of Inland Revenue v Blackmore Trust Ltd, Blackmore tried to stave off liquidation for the sum of $1.4 million owed to the IRD.  After six or seven adjournments, Blackmore finally put evidence before the Court (albeit through its lawyer, rather than by affidavit) claiming that its liabilities totalled $15.6 million, and its sole asset, the James Smith building in the Wellington CBD, was valued at $21.5 million as a going concern, or $11 million - $13 million in a "fire sale".

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.

In Jordan and Vance v First City (in liquidation ) & Gore Street (in liquidation), the liquidators of Gore Street applied for a pooling order that the liquidation of the two defendants, First City and Gore Street, proceed as if they were one company.

(High Court Auckland, CIV 2010-404-6381, 8 April 2011, Associate Judge Matthews)

In ASB Bank Limited v Hall, the High Court confirmed that a bank does not owe a duty of care to a creditor, director or shareholder of a customer of the bank. 

The recent case of Re Armitage, ex parte Established Investments Limited (in liquidation) considered an objection by the Official Assignee to Mr Armitage's automatic discharge from bankruptcy. 

Levin v Rastkar involved an appeal against a High Court decision dismissing an application by the liquidators of Western Clothing Limited to set aside several transactions by Western alleged to be voidable under section 292 of the Companies Act 1993 (in its previous form).