TRUSTEES EXECUTORS LTD v NICHOLS [2023] NZHC 3289

TRUSTEES EXECUTORS LTD v NICHOLS [2023] NZHC 3289

The Court granted final orders winding up the J C Nichols Kuriheka Trust and vesting all remaining trust property in the named living contingent beneficiaries in equal parts, and authorised specified monetary offsets against three beneficiaries' contingent interests to account for purchases, as necessary to implement the earlier judgment and the Court's supervisory powers under the Trusts Act 2019 and the High Court Rules.

Citation
[2023] NZHC 3289
Parties
Applicant Trustee: Trustees Executors Ltd; Respondent Beneficiary: Timothy Joseph Cowie Nichols; Respondent Beneficiary: Kathryn Mary Helen Tryfiatis; Respondent Beneficiary: Harold Guy Nichols; Respondent Beneficiary: Sarah Virginia Jane Simmons; Respondent Beneficiary: Nicholas Bernard Orbell; Respondent Beneficiary: Henry Simon Orbell; Respondent Beneficiary: Nicola Anne Whitney Hedley; Respondent Beneficiary: Susan Virginia Blake; Respondent Beneficiary: David John Thacker; Respondent Beneficiary: Christina Mary Lucas; Respondent Beneficiary: Hans Cornelius van der Wilt; Respondent Beneficiary: Arthur Mark van der Wilt; Respondent Beneficiary: Anton David van der Wilt; Respondent Beneficiary: Megan Elizabeth Nichols; Respondent Beneficiary: Bronwyn Helen Nichols; Respondent Beneficiary: Hugh Charles Nichols
Court
High Court
Jurisdiction
New Zealand
Judgment Date
20 November 2023
Procedural Posture
Trusts Act 2019 Proceeding (high Court) / Final Directions Winding Up and Vesting Orders (determined on the Papers)
Outcome
Orders made in terms of Schedule A: trust wound up and remaining property vested in listed contingent beneficiaries in equal parts with specified offsets applied; direction to serve sealed order by email.
Legal Topics
Winding Up of Trust, Vesting of Trust Property, Beneficiary Entitlements, Offsets for Beneficiary Purchases
Trusts Equity Property Law Civil Procedure Winding Up of Trust Vesting of Trust Property Beneficiary Entitlements Offsets for Beneficiary Purchases

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Parties

Trustees Executors Ltd

Applicant Trustee

Timothy Joseph Cowie Nichols

Respondent Beneficiary

Kathryn Mary Helen Tryfiatis

Respondent Beneficiary

Harold Guy Nichols

Respondent Beneficiary

Sarah Virginia Jane Simmons

Respondent Beneficiary

Nicholas Bernard Orbell

Respondent Beneficiary

Henry Simon Orbell

Respondent Beneficiary

Nicola Anne Whitney Hedley

Respondent Beneficiary

Susan Virginia Blake

Respondent Beneficiary

David John Thacker

Respondent Beneficiary

Christina Mary Lucas

Respondent Beneficiary

Hans Cornelius van der Wilt

Respondent Beneficiary

Arthur Mark van der Wilt

Respondent Beneficiary

Anton David van der Wilt

Respondent Beneficiary

Megan Elizabeth Nichols

Respondent Beneficiary

Bronwyn Helen Nichols

Respondent Beneficiary

Hugh Charles Nichols

Respondent Beneficiary

Procedural Posture

Trusts Act 2019 Proceeding (high Court) / Final Directions Winding Up and Vesting Orders (determined on the Papers)

Legal Issues

  1. 1 Whether the Court should make final orders winding up the J C Nichols Kuriheka Trust and vesting remaining trust property in living contingent beneficiaries in equal parts
  2. 2 Whether specified monetary offsets should be applied against particular beneficiaries' contingent interests to account for purchases from the trust property
  3. 3 Whether service of the sealed orders on contingent beneficiaries by email was appropriate

Ratio Decidendi

The Court granted final orders winding up the J C Nichols Kuriheka Trust and vesting all remaining trust property in the named living contingent beneficiaries in equal parts, and authorised specified monetary offsets against three beneficiaries' contingent interests to account for purchases, as necessary to implement the earlier judgment and the Court's supervisory powers under the Trusts Act 2019 and the High Court Rules.

Court Disposition

Orders made in terms of Schedule A: trust wound up and remaining property vested in listed contingent beneficiaries in equal parts with specified offsets applied; direction to serve sealed order by email.

Orders

  • The J C Nichols Kuriheka Trust is wound up.
  • All remaining trust property is vested in the following contingent beneficiaries in equal parts: Timothy Joseph Cowie Nichols; Kathryn Mary Helen Tryfiatis; Harold Guy Nichols; Sarah Virginia Jane Simmons; Nicholas Bernard Orbell; Henry Simon Orbell; Nicola Anne Whitney Hedley; Susan Virginia Blake; David John...