Gisborne Sheepfarmers' Mercantile Company Limited v Commissioner of Inland Revenue - [1962] NZLR 810

Company law — Company with two separate businesses — New company formed to take over one such business — Assets of that business vested in new company — Whether a "reconstruction" — Companies Act 1955, s. 207 (1) (a).

Revenue — Stamp duty — Company with two separate businesses — New company formed to take over one such business — Vesting order made in favour of new company in respect of assets of that business — Whether the "reconstruction" of the old company — Whether vesting order liable to ad valorem duty — Stamp Duties Act 1954, s. 96.

Revenue — Res judicata — Ex parte vesting order made — Jurisdiction dependent on the order being pursuant to the reconstruction of a company — Whether making of the order conclusive against other persons that the scheme pursuant to which it was made was a "reconstruction".