In The Commissioner of Inland Revenue v Blackmore Trust Ltd, Blackmore tried to stave off liquidation for the sum of $1.4 million owed to the IRD. After six or seven adjournments, Blackmore finally put evidence before the Court (albeit through its lawyer, rather than by affidavit) claiming that its liabilities totalled $15.6 million, and its sole asset, the James Smith building in the Wellington CBD, was valued at $21.5 million as a going concern, or $11 million - $13 million in a "fire sale".
The Court held that it was too little, too late, and ordered that Blackmore be liquidated. Blackmore had had 10 months from service of the statutory demand in which to put a "rescue package" together. Any further delay would prejudice a liquidator's ability to "start the clock" and make recovery under the Companies Act, and no verified (by affidavit) evidence had been put before the Court to suggest that the company was not in a "hopeless position".
See Court decision here.