Liquidator’s fury at ‘manifestly inadequate’ fines for contempt

By on November 26, 2016
Liquidator's fury at 'manifestly inadequate' fines for contempt

A business liquidator says fines of $13,000 imposed for contempt of court on two business people who failed to hand over company records are inadequate.

Damien Grant's firm Waterstone was appointed by the High Court in August 2014 to liquidate property investment company Ranolf Company Limited, and using powers under section 261 of the Companies Act demanded the company's records from Stephen Bhana and Jasu Mati Bhana​.

In October, Justice Timothy Brewer found the pair, who are brother and sister, had not produced the documents despite being directed to do so by the courts, and on November 17 fined Stephen Bhana​ $8000, and Jasu Mati Bhana $5000.

Read the full article by Rob Stock > Manawatu Standard -