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    Proceedings involving companies in liquidation or administration
    2016-03-31

    In Cook v Mortgage Debenture, Mr Cook applied to be joined to a proceeding that was being continued by a claimant company after it had been placed into administration.  The issue was whether the Court's consent was required on the basis that the application was against a company in administration (the English legislation being similar to section 248 of the Companies Act 1993).  The Court concluded that, while the moratorium covered legal proceedings against a company in administration or liquidation, it does not cover defensive steps in proceedings brought (or contin

    Filed under:
    New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer , Jan Etwell , Scott Abel
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    High Court allows grace period for directors in breach of Companies Act duties
    2013-09-30

    Syntax Holdings (Auckland) Ltd (in liquidation) v Bishop involved a claim by the liquidators of Syntax Holdings (Auckland) Ltd that Mr and Mrs Bishop (as directors) had breached certain duties to the company (and its creditors) under the Companies Act 1993.

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Liquidator is not appropriate appointee to trust
    2013-04-03

    Justice Dobson has recently reversed his interim ruling that section 17A Judicature Act 1908 gives the Court jurisdiction to appoint a liquidator to a trust if satisfied there are reasons for doing so. He found that a trust is not an "association" to which section 17A applies, and instead appointed receivers with selected powers given to liquidators under the Companies Act 1993.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Court confirms subordination agreement trumps PPSR registration
    2012-08-07

    In Gibbston Downs Wines Limited and RFD Finance No 2 Limited v Perpetual Trust Limited HC Christchurch CIV-2010-409-00176 28 May 2012, the High Court considered the effect of registration of a subordination agreement on the respective priority of two perfected security interests registered on the Personal Properties Securities Register (PPSR).

    Filed under:
    New Zealand, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    First ranking chargeholder retains its interest upon property vestment
    2011-12-19

    In Fenland District Council v Sheppard and others, FDC had spent £72,000 making a derelict property safe, which by the hearing date was worth less than half that amount. FDC registered the property improvements as an interest in the property, (indisputably) in priority to the prior mortgagee.

    When the property's owner was adjudicated bankrupt, the bankrupt's trustee disclaimed the property (under a provision similar to section 117 of the NZ Insolvency Act). FDC sought to have the property vested in it, on the condition that the mortgagee's charge be removed.

    Filed under:
    New Zealand, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Creditors are not required to accept proposals of "no practical advantage"
    2011-10-04

    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.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Debt, Mortgage loan
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Liquidators can require certain secured creditors to provide information
    2011-04-04

    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.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidation, Liquidator (law)
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Joint Court hearing in Halifax liquidation a first for New Zealand
    2021-05-31

    The High Court has released its judgment in Re Halifax NZ Limited (In liq) [2021] NZHC 113, involving a unique contemporaneous sitting of the High Court of New Zealand and Federal Court of Australia.

    Filed under:
    Australia, New Zealand, Capital Markets, Insolvency & Restructuring, Litigation, Buddle Findlay, Corporations Act 2001 (Australia)
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Willie Palmer , Peter Niven , Myles O'Brien , Bridie McKinnon , Matthew Triggs , Oliver Gascoigne , Luke Sizer , Annie Cao
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Guiding principles in relation to the appointment of liquidators
    2020-06-11

    The Federal Court of Australia in Frisken, in the matter of Avant Garde Investments Pty Ltd v Cheema [2020] FCA 98 has considered a dispute between a receiver and the director of the company as to whether the provisional liquidator, Mr Banerjee, should be appointed as the liquidator. 

    The director sought the appointment of different liquidators on the basis that Mr Banerjee’s conduct as provisional liquidator was such that a reasonable person might apprehend that he might not be impartial as liquidator. 

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Federal Court of Australia
    Authors:
    Annie Cao , Luke Sizer , Myles O'Brien , Jan Etwell , David Perry , Peter Niven , Matthew Triggs , Oliver Gascoigne , David Broadmore , Scott Abel , Scott Barker , Willie Palmer , Kelly Paterson , Bridie McKinnon
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Liquidation applications are not to be refused lightly
    2019-12-11

    The Court of Appeal in 90 Nine Limited v Luxury Rentals NZ Limited [2019] NZCA 424 allowed an appeal from a creditor in respect of an application to liquidate the respondent over a failure to pay a statutory demand.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Susan Rowe , Willie Palmer , Peter Niven , Myles O'Brien , Bridie McKinnon , Matthew Triggs , Oliver Gascoigne
    Location:
    New Zealand
    Firm:
    Buddle Findlay

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