SO v SHI [2023] NZHC 2030

SO v SHI [2023] NZHC 2030

The accountant's review of company financial statements and bank records established the misapplied sum of $121,555.49; the plaintiff made demand and no payment was made; accordingly the plaintiff is entitled to summary judgment for that quantified amount against both defendants jointly and severally.

Citation
[2023] NZHC 2030
Parties
Plaintiff: Biu Tao So; First Defendant: Yan Shi; Second Defendant: Hin Sing So
Court
High Court
Jurisdiction
New Zealand
Judgment Date
1 August 2023
Procedural Posture
Civil Summary Judgment Enforcement and Entry of Judgment / Entry of Judgment Following Earlier Summary Judgment and Accounting
Outcome
Judgment entered for the plaintiff against the first and second defendants jointly and severally for $121,555.49; leave to apply for costs reserved.
Legal Topics
Summary Judgment, Declaration of Bare Trust, Misapplied Funds, Accounting for Trust/company Funds, Entry of Judgment
Equity Trusts Company Law Civil Procedure Summary Judgment Declaration of Bare Trust Misapplied Funds Accounting for Trust/company Funds +1 more

Case Brief

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Parties

Biu Tao So

Plaintiff

Yan Shi

First Defendant

Hin Sing So

Second Defendant

Procedural Posture

Civil Summary Judgment Enforcement and Entry of Judgment / Entry of Judgment Following Earlier Summary Judgment and Accounting

Legal Issues

  1. 1 Whether the plaintiff is entitled to entry of judgment for the amount quantified by accounting as misapplied by the defendants
  2. 2 Whether the accounting evidence sufficiently quantified the misapplied sum to support a summary judgment order
  3. 3 Whether proper demand was made and payment refused or not made

Ratio Decidendi

The accountant's review of company financial statements and bank records established the misapplied sum of $121,555.49; the plaintiff made demand and no payment was made; accordingly the plaintiff is entitled to summary judgment for that quantified amount against both defendants jointly and severally.

Court Disposition

Judgment entered for the plaintiff against the first and second defendants jointly and severally for $121,555.49; leave to apply for costs reserved.

Orders

  • Enter judgment for the plaintiff against the first and second defendants jointly and severally for $121,555.49
  • Reserve leave for the plaintiff to apply for costs