In Erwood v Official Assignee [2015] NZCA 478 an application was made to review a decision declining to dispense with security for costs.  The applicant, Mr Erwood, argued that he had demonstrated impecuniosity, and that the Registrar had erred in finding to the contrary.

Mr Erwood held nearly $800,000 on deposit with a bank. His account had been frozen by the bank on the basis that Mr Erwood lacked the capacity to give the bank authority for the account.  The bank had formed this view on information provided to them by Mr Erwood.

On 25 July 2013 the Court of Appeal issued its final judgment in Farrell v Fences & Kerbs Limited [2013] NZCA 329. The final judgment related to three conjoined appeals in which an interim judgment had been delivered on 27 March 2013 (Farrell v Fences & Kerbs Limited [2013] 3 NZLR 82). The interim judgment held that to rely on the defence to setting aside a voidable transaction in section 296(3)(c) of the Companies Act 1993 "new value" was required to be given at the time the payment that is sought to be set aside was made.

In the Court of Appeal decision of Herbert v New Zealand Guardian Trust Company Limited, the Court declined to grant Mrs Herbert's appeal in relation to the High Court's refusal to approve her creditor's proposal (see the summary in our October 2011 update).

In Perpetual Trustee Company Limited v Downey & Black, the High Court discussed the effect of the liquidation process on a choice of forum clause in a commercial contract.  It found that as the subject company, HIH, had been placed into liquidation, the choice of forum clause between HIH and Perpetual (which designated the New South Wales Courts as the forum for resolution of disputes) did not automatically operate.  Instead, the question became whether the New Zealand or NSW courts were the more appropriate venue.

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.

In Katavich v Meltzer & Ors, the court confirmed that pursuant to ss 284 and 321 of the Companies Act 1993 (Act), liquidators can be removed notwithstanding that their final report has been filed and the company is to be struck off the Register.

This update deals with the significant appeal judgment released yesterday by the Court of Appeal in the proceedings brought by the liquidators of Mainzeal Property and Construction Ltd (in Liq) (Mainzeal) against its directors. Our previous legal updates on the High Court decisions can be found here and here.

The Federal Court of Australia in Strawbridge (Administrator), in the matter of CBCH Group Pty Ltd (Administrators Appointed) (No 2) [2020] FCA 472 has made orders to release the administrators of retailer The Colette Group (the Group) from personal liability for rent for a two-week period during the COVID-19 pandemic. 

Regan v Brougham [2019] NZCA 401 clarifies what is needed to establish a valid guarantee.

A Term Loan Agreement was entered into whereby Christine Regan and Mark Tuffin lent $50,000 to B & R Enterprises Ltd. Rachael Dey and Bryce Brougham were named as Guarantors. Bryce Brougham was the only guarantor to sign the agreement. The Company was put into liquidation and a demand made against the Guarantor.

The guarantor argued that the guarantee was not enforceable based on the following: