Re Network Agencies International Ltd - [1992] 3 NZLR 325

Practice and procedure — Limitation of proceedings — Proceeding for order declaring directors of company personally liable for failure to keep proper accounting records — Whether proceedings an action for penalty or forfeiture or to recover sum by virtue of an enactment — Date when cause of action accrued — Limitation Act 1950, s 4(1)(d) and (5).

Company law — Directors — Duty to keep proper accounting records — Failure to observe duty — Personal liability — Company wound up — Length of time for which directors obliged to keep proper accounting records — Companies Act 1955, ss 151, 319 and 320.