The liquidators of Genetic Development (NZ) Exports Limited Partnership (GDX LP), represented by PwC’s Malcolm Hollis and Wendy Somerville, are seeking to overturn a $600,000 payment made to Irish financier Purcell Brothers. A High Court ruling indicated that the liquidators had to follow Irish legal procedures to serve the finance company, as New Zealand’s Companies Act did not apply.
The insolvency of GDX LP stemmed from the incomplete voyage of the MV Al Kuwait, leading to the partnership’s liquidation. Efforts continue to recover funds as part of the liquidation process.
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