18 Jan 2008
PACIFIC ELECTRIC WIRE & CABLE CO LTD v. HARMUTTY LTD AND OTHERS
- Citation
- PACIFIC ELECTRIC WIRE & CABLE CO LTD v. HARMUTTY LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA2763/2004
On the admitted and uncontroverted evidence PEWC provided the funds (or is ultimately liable for repayment) used to capitalise the relevant companies and to acquire the disputed assets; those assets were acquired in circumstances of concealment and breach of fiduciary duty by the relevant directors, so equity imposes both a resulting trust (presumed intention where purchase money provided by PEWC) and a constructive trust (breach of fiduciary duty and unconscionable dealing); defendants offered no credible, particularised evidence of an arguable defence or of being bona fide purchasers for va…