Open AccessRecovering the Liquidator's Costs on the Winding up of a Corporate Trustee
Author(s) -
Victoria Stace
Publication year - 2019
Publication title -
victoria university of wellington law review
Language(s) - English
Resource type - Journals
eISSN - 1179-3082
pISSN - 1171-042X
DOI - 10.26686/vuwlr.v50i4.6309
Subject(s) - legislature , business , project commissioning , publishing , law and economics , law , accounting , finance , economics , political science
High Court decisions in New Zealand have identified three possible legal bases that might allow a liquidator to pay its costs out of the trust assets, on the liquidation of an assetless company that acted as trustee of a trading trust. This article suggests that there are problems with each of the bases identified, and that legislative amendment is required to ensure that the liquidator's authority to have access to trust assets to pay for the costs of liquidation in these circumstances is clearly established.