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.
'Restructuring by numbers' has never been good enough. That is more true now than ever.
Registration will be mandatory under the Insolvency Practitioners Bill as reported back to the House by the Commerce Committee. This is a radical and far-reaching change from the negative licensing regime initially proposed in the Bill.
This Brief Counsel summarises and comments on the Committee’s report.
Big receiverships often test legal boundaries, and the Crafar group receivership is no exception. Gibson & Stiassny v StockCo & Ors1 is the longest decision to date on the Personal Property Securities Act 1999 (PPSA).
Although the facts are complex, the practical take-outs are fairly simple:
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.
The Court of Appeal has overturned a High Court decision, agreeing with receivers that certain sales by the debtor were not in the ordinary course of business, but rather payments to an unsecured creditor.
In this case1 when the debtor began to experience cash flow difficulties, it established another company to purchase stock, which the debtor would find buyers for. Sales were made either in the name of the new company, or the debtor would account to the new company for the sale proceeds.
The Gibson & Stiassny v StockCo & Ors litigation in relation to the Crafar receivership has clarified important aspects of the Personal Property Securities Act 1999 (PPSA).
The procedures seem obvious in the abstract but, as the case demonstrates, can be less obvious on the ground: