NEWMARKET SECURITIES LTD AND ORS V GUY AND ANOR HC AK CIV 2005-404-004946

NEWMARKET SECURITIES LTD AND ORS V GUY AND ANOR HC AK CIV 2005-404-004946

The application to vary the interim injunctions was dismissed because the balance of convenience and overall justice did not favour variation: the remaining charged shares might provide inadequate security given share price volatility, defendants had access to other trust assets to meet needs, and the defendants' delay and inconsistent conduct undermined urgency and justification for relief.

Citation
openlaw-547fdb31_a27d_4bfb_b0dc_8613a76c21c7.pdf
Parties
First Plaintiff: Newmarket Securities Ltd; Second Plaintiff: Cynotech Securities Ltd; Third Plaintiff: Budget Loans Ltd; First Defendant: Richard Hugh Cleveland Guy; Second Defendant: Michaela Anne Guthrie
Court
High Court
Jurisdiction
New Zealand
Judgment Date
21 December 2006
Procedural Posture
Civil Interim Injunctions / Interlocutory Application to Vary Interim Injunctions
Outcome
Application dismissed
Legal Topics
Interim Injunction, Variation of Injunction, Security for Debt, Charges and Caveats, Family Trust Assets, Summary Judgment Application
Equity Civil Procedure Property Law Contract Law Injunctions Interim Injunction Variation of Injunction Security for Debt +3 more

Case Brief

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Parties

Newmarket Securities Ltd

First Plaintiff

Cynotech Securities Ltd

Second Plaintiff

Budget Loans Ltd

Third Plaintiff

Richard Hugh Cleveland Guy

First Defendant

Michaela Anne Guthrie

Second Defendant

Procedural Posture

Civil Interim Injunctions / Interlocutory Application to Vary Interim Injunctions

Legal Issues

  1. 1 Whether the interim injunctions should be varied to permit sale of 1.7 million Cynotech shares
  2. 2 Whether plaintiffs have adequate security if variation granted
  3. 3 Whether defendants face irreparable financial hardship justifying variation

Ratio Decidendi

The application to vary the interim injunctions was dismissed because the balance of convenience and overall justice did not favour variation: the remaining charged shares might provide inadequate security given share price volatility, defendants had access to other trust assets to meet needs, and the defendants' delay and inconsistent conduct undermined urgency and justification for relief.

Court Disposition

Application dismissed

Orders

  • Defendants' application to vary the interim injunction orders is dismissed.
  • Existing interim injunction orders restraining disposition of Cynotech shares remain in force.