HICKMAN AND ORS V TURN & WAVE LIMITED & ORS HC AK CIV-2008-404-005871

HICKMAN AND ORS V TURN & WAVE LIMITED & ORS HC AK CIV-2008-404-005871

The Court recalled and reissued the judgment to include an analysis of insolvency because consistency between related judgments and the possibility of appeal required it; after evaluating competing expert evidence and the limited financial information (including unidentified placement of Ingot receivables and lack of subsidiary accounts), the Court found there was insufficient evidence to conclude, on the balance of probabilities, that the relevant Blue Chip companies were insolvent at the material times.

Citation
openlaw-4f654616_5db8_49a4_b247_88870cc3daf0.pdf
Parties
Plaintiffs: Hickman and Others; Defendants: Turn & Wave Limited and Others
Court
High Court
Jurisdiction
New Zealand
Judgment Date
9 December 2009
Procedural Posture
Civil (investment/misrepresentation Dispute) / Post Judgment Application to Recall and Reissue Judgment
Outcome
Judgment of 25 November 2009 recalled and reissued with added passages on insolvency; Court found plaintiffs did not satisfy the Court that the relevant Blue Chip companies were insolvent at the material times.
Legal Topics
Recall of Judgment, Corporate Group Insolvency, Weight of Expert Evidence, Consistency Between Related Judgments, Balance of Probabilities
Insolvency Civil Procedure Company Law Evidence Recall of Judgment Corporate Group Insolvency Weight of Expert Evidence Consistency Between Related Judgments +1 more

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Parties

Hickman and Others

Plaintiffs

Turn & Wave Limited and Others

Defendants

Procedural Posture

Civil (investment/misrepresentation Dispute) / Post Judgment Application to Recall and Reissue Judgment

Legal Issues

  1. 1 Whether the judgment should be recalled to add findings on insolvency
  2. 2 Whether plaintiffs proved that relevant Blue Chip companies were insolvent at the material times
  3. 3 Whether available evidence and expert opinions sufficed to establish insolvency for specific entities and dates

Ratio Decidendi

The Court recalled and reissued the judgment to include an analysis of insolvency because consistency between related judgments and the possibility of appeal required it; after evaluating competing expert evidence and the limited financial information (including unidentified placement of Ingot receivables and lack of subsidiary accounts), the Court found there was insufficient evidence to conclude, on the balance of probabilities, that the relevant Blue Chip companies were insolvent at the material times.

Court Disposition

Judgment of 25 November 2009 recalled and reissued with added passages on insolvency; Court found plaintiffs did not satisfy the Court that the relevant Blue Chip companies were insolvent at the material times.

Orders

  • Judgment recalled and reissued to include specified insolvency analysis and findings
  • No further orders recorded regarding costs