CBL Insurance Limited (in liquidation) (CBLI) generated more than its share of litigation last year. 2018 marked the first occasion on which the High Court has ruled on an application by the Reserve Bank of New Zealand (Reserve Bank) for the liquidation of an insurer, under the Insurance (Prudential Supervision) Act 2010 (Act). The Reserve [...]
In October 2018, Steel & Tube Holdings Limited (Steel & Tube) was fined $1.885 million for breaching the Fair Trading Act 1986 (Act), the largest ever fine imposed under the Act, for making false and misleading representations about its steel mesh products. Steel & Tube had previously generated jurisprudence on pooling orders under the Companies [...]
The Court of Appeal in Madsen-Ries v Petera [2016] NZCA 103 held that creditors do not need to be considered when deciding whether a director/s’ remuneration was fair, at a time when the company was in financial peril. Section 161 of the Companies Act 1993 (Act) sets out the procedure for the authorisation of directors’ [...]