Skinner and Rowley trusts get receivers - with greater powers
Justice Robert Dobson has decided against appointing liquidators to the trusts of fraudster accountants David Rowley and Barrie Skinner.
Instead, the Wellington High Court judge has appointed John Fisk and Jeremy Morley from PwC as receivers – and he has given them bolstered powers “akin to that of a liquidator.”
BNZ lawyer Justin Toebes last week argued in favour of liquidating the two trusts TPS Asset Trust and TPS Asset No 2 Trust – a move he admitted would be precedent setting.
Currently the law does not allow for liquidation of a trust.