McDonald v Australian Guarantee Corporation (NZ) Ltd - [1990] 1 NZLR 227

Company law — Statutory management — Funding of the statutory manager — Group of companies was placed under statutory management — Some of the companies had a cash flow but others, including head office, did not — Land tax had been incurred on properties owned by companies in the Group — Statutory manager wished to pool his costs by making general levy on companies in Group — Whether statutory manager was entitled to pool costs — Whether Court had jurisdiction to make order permitting statutory manager to pool costs — Whether fixed charge holder had priority on proceeds of sale of property over claims by statutory manager — Whether obligation to pay land tax was incurred when payment was due — Whether statutory manager was liable to pay land tax — Whether mortgagee or tenant could become responsible to pay land tax — Whether Commissioner of Inland Revenue was entitled to register charge in respect of land tax and enforce any registered charge — Whether statutory manager was entitled to suspend payment of land tax — Whether on sale of property land tax which was not protected by a registered charge was a cost of the statutory manager — Whether position was different with a registered charge — Whether registered charge had priority over prior registered mortgages — Corporations (Investigation and Management) Act 1989, ss 4, 5, 39, 41, 42, 44, 51, 58, 59, 65 and 66 — Land Tax Act 1976, ss 10, 46, 49, 50, 70 and 77.