(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).
In our legal update on insolvency law issued in July 2010 we commented on the High Court decision of McKay v Toll Logistics (NZ) Limited.
We reported on the first instance decision in this litigation last year (see here). The New South Wales Court of Appeal recently delivered judgment on the liquidators' appeal.
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.
This FYI outlines the things you need to know about the Insolvency Practitioners Bill in its latest form. You can follow this link to access the Bill on the New Zealand legislation website. The Bill is new legislation that seeks to improve the regulation of administrators, liquidators, and receivers. It proposes amendments to the Companies Act 1993 and the Receiverships Act 1993.