Genetic Development liquidators seek to set aside $600k payment to Irish financier

The vessel Al Kuwait is at the centre of the liquidation. (Image: Marine Traffic)

Thu, 16 Jan 2025

The liquidators of a collapsed live export outfit are trying to set aside a more than $600,000 payment to its Irish financier.According to a High Court judgment, PwC’s Malcolm Hollis and Wendy Somerville couldn’t serve Irish-based Purcell Brothers using NZ’s Companies Act.Instead, they had to serve the finance company using the Irish rules.The non-completion of the voyage by MV Al Kuwait ultimately led to the insolvency of Genetic Development (NZ) Exports Limited Partnership (GDX LP).It was put into liquidation by the Hig...

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