Hiway Stabilizers New Zealand Limited v Jeffrey Philip Meltzer and Lloyd James Hayward as liquidators of Window Holdings Limited - SC 81/2013

Media releases

Summary

Company law – Liquidation – Voidable transactions – Meaning of “gave value” under s 296(3)(c) of the Companies Act 1993 – Whether value must be given at the time payment is received from the company – Whether “new or additional value” must be provided at the time of receipt of such payment – Whether value received by the company at the time of the creation of an antecedent debt constitutes value.[2013] NZCA 91   CA 864/2012

Result

Leave to appeal is granted.

The approved question is whether the Associate Judge and Court of Appeal (as the case may be) was correct to conclude that the payments made to Allied Concrete Ltd, Hiway Stabilizers New Zealand Ltd and Fences and Kerbs Ltd should be set-aside and that judgment should be entered against them accordingly.
24 October 2013
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A   The appeals are allowed.  
B   The applications of the liquidators for the transactions to be voided are dismissed.
C    The respondents in each appeal must pay costs of $10,000 to the appellant in the relevant appeal, plus the appellant’s reasonable disbursements.  
D    Absent agreement between the parties, costs in the High Court and Court of Appeal are to be fixed by those Courts in light of this judgment.
18 February 2015

Hearing Transcripts

Related Documents

Leave judgment - leave granted — ALLIED CONCRETE LIMITED v JEFFREY PHILIP MELTZER AND LLOYD JAMES HAYWARD AS LIQUIDATORS OF WINDOW HOLDINGS LIMITED (IN LIQUIDATION) [2013] NZSC 102 [24 October 2013] (PDF 13 KB)

Substantive judgment — ALLIED CONCRETE LIMITED v JEFFREY PHILIP MELTZER AND LLOYD JAMES HAYWARD AS LIQUIDATORS OF WINDOW HOLDINGS LIMITED (IN LIQUIDATION) [2015] NZSC 7 [18 February 2015] (PDF 684 KB)