Liquidators
PwC recovered three Christchurch properties registered in the names of a company
director and his former wife but purchased using money belonging to Kairmore
Construction, now in liquidation insolvent.
In 2014, Inland Revenue put Kairmore
Construction into liquidation for unpaid PAYE stretching back two years. Price Waterhouse discovered three properties
in Pages Road, Christchurch were purchased earlier in 2014 at knockdown prices
using company money. One property cost
$46,000; the other two $40,000
each. Two were registered in the name of
the company’s director: Exham Peter Wichman.
The third in the name of his former wife: Odessa Muriel Jefferies. They refused to voluntarily sign over the
properties to Kairmore. The liquidators
sued, arguing the registered owners held each property on trust for
Kairmore. No defence was filed.
Justice Dunningham ruled under the
Trustee Act that the liquidators could have the properties re-registered in
Kairmore’s name if the registered owners did not voluntary sign over ownership
within 29 days.
Kairmore
Construction v. Wichman – High Court (10.05.16)
16.078