Re Modern Terrazzo Ltd (In Liquidation) - [1998] 1 NZLR 160

Company law — Voidable preferences — Company resolving to pay director fees after service of statutory demand under Companies Act 1955 — Payments to solicitor and accountant assisting in sale of company assets shortly before liquidation — Whether “in the ordinary course of business” — Whether voidable preferences — Companies Act 1955, s 266.

Company law — Voidable preferences — Alteration of position — Payees of voidable transactions conducting business in reliance on payments — Whether alteration of position — Companies Act 1955, s 270(3).

Company law — Liquidation — Duty of liquidator to act fairly — Solicitor paid for fees for transactions selling company assets shortly before liquidation — Whether unfair for liquidator to recover payment to solicitor.