SHEPHARD v RABSON [2015] NZHC 3137

SHEPHARD v RABSON [2015] NZHC 3137

The deeds of acknowledgement of debt were valid and binding as previously found by the High Court and Court of Appeal; the Official Assignee's accountant reliably reconstructed MRFT financials showing MRFT owed Rabson $782,531 and Rabson failed to prove repayment or to undermine the reconstruction; consequently judgment is entered for plaintiffs for $782,531 and a declaration permitting recovery from GRFT funds subject to prior compliance with Court of Appeal orders to Ms Gallagher.

Citation
[2015] NZHC 3137
Parties
Plaintiffs: Iain Bruce Shephard and Christine Margaret Dunphy; First Defendant: Malcolm Edward Rabson; Second Defendants: Malcolm Edward Rabson and Richard John Creser; Third Defendant: Wayne Seymour Chapman
Court
High Court
Jurisdiction
New Zealand
Judgment Date
9 December 2015
Procedural Posture
Civil (high Court) / Judgment After Trial/hearing
Outcome
Judgment for plaintiffs against first defendant Malcolm Edward Rabson for $782,531; declaration that plaintiffs are entitled to payment from funds held by the GRFT trustee toward satisfaction of the judgment debt subject to prior payment to Ms Gallagher and deduction of reasonable trustee fees; costs to plaintiffs...
Legal Topics
Deeds of Acknowledgement of Debt, Issue Estoppel, Abuse of Process, Reconstruction of Financial Statements, Declaration for Payment From Trust, S44 C Property (relationships) Act
Trusts and Equity Relationship Property Bankruptcy Company Law Property Law Civil Procedure Deeds of Acknowledgement of Debt Issue Estoppel +4 more

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Parties

Iain Bruce Shephard and Christine Margaret Dunphy

Plaintiffs

Malcolm Edward Rabson

First Defendant

Malcolm Edward Rabson and Richard John Creser

Second Defendants

Wayne Seymour Chapman

Third Defendant

Procedural Posture

Civil (high Court) / Judgment After Trial/hearing

Legal Issues

  1. 1 Whether the deeds of acknowledgement of debt from MRFT to Rabson were valid and binding
  2. 2 Whether the reconstructed financial statements properly established MRFT owed Rabson $782,531
  3. 3 Whether payments from associated entities (Casino/GRFT) discharged MRFT's debt to Rabson

Ratio Decidendi

The deeds of acknowledgement of debt were valid and binding as previously found by the High Court and Court of Appeal; the Official Assignee's accountant reliably reconstructed MRFT financials showing MRFT owed Rabson $782,531 and Rabson failed to prove repayment or to undermine the reconstruction; consequently judgment is entered for plaintiffs for $782,531 and a declaration permitting recovery from GRFT funds subject to prior compliance with Court of Appeal orders to Ms Gallagher.

Court Disposition

Judgment for plaintiffs against first defendant Malcolm Edward Rabson for $782,531; declaration that plaintiffs are entitled to payment from funds held by the GRFT trustee toward satisfaction of the judgment debt subject to prior payment to Ms Gallagher and deduction of reasonable trustee fees; costs to plaintiffs...

Orders

  • Judgment entered for plaintiffs against Malcolm Edward Rabson for NZD 782531
  • Declaration that plaintiffs are entitled to payment from funds held by the third defendant in his capacity as trustee of the Gallagher-Rabson Family Trust toward settling the judgment debt, provided the third defendant first ensures all payments due to Ms Gallagher pursuant to the Court of Appeal judgments have been...