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See also Secretary of State for Trade and Industry v Deverell & Anor [2000] 2 All ER
365; for New Zealand; see Krytolica v Westpac Banking Corporation [2008] NZCLC 24
(HC)
See also Lynne Taylor „Expanding the Pool of Defendant Directors in a Corporate
Insolvency: De Facto Directors, Shadow Directors and Other categories of Deemed
Directors’ (2010) 16 NZBLQ 203- the article surveys the scope of definition of „directors‟
in section 126 of the New Zealand Companies Act 1993 and make comparison with the
equivalent definitions in the Australian Corporations Act 2001 and the UK Companies
Act 2006. The paper also look at the implications of the wide definition under the Act on
duties and potential liabilities of deemed directors under the New Zealand Companies
Act 1993. The paper concludes that the cases in respect of identifying de facto and
shadow directors are not as developed as in the UK and Australia. Nevertheless there is
likelihood that the New Zealand courts will have regard to the overseas‟ developments if
and when future cases are brought before them.
Receivership- referred to in thesis Chapter 11 at page 308
A receiver generally owes his or her duty to the debenture holder who makes the
appointment. However, the UK Enterprise Act 2002 made amendments to the Insolvency
Act 1986, as a result of which substantial reforms have been made. Section 176A(2) of
the Insolvency Act 1986 provides that when the assets of the company subject to floating
charge are realized, a certain proportion must be set aside for the unsecured creditors. It is
possible to vary the rule in subsection (2) by means of voluntary arrangement or a
compromise or an arrangement. 1
See also Re Hydroserve Ltd [2007] EWHC 3026 (Ch); Re Counts [2009] 1 WLR 1499;
Re Permacell Finesse [2007] EWHC 3222(Ch); Re Airbase (UK) Ltd [2008] 1 WLR
1516
1 See section 176A(4) of the UK Insolvency Act 1986
444