New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Accounting by trustees

Legal area

Court

11 Dec 2018

EVERETT-HINCKS v BRACKEN [2018] NZHC 3258

Citation

[2018] NZHC 3258
Court

High Court

The court held the first and third defendants breached their fiduciary duties by misapplying the residuary trust funds to purchase and operate the Benneydale Pub, failing to account and thereby causing loss to the trust; accordingly they must repay the trust (net of amounts recovered), the court awarded compound interest on the full lost trust amount from the date of misapplication, removed the first and second trustees and appointed the plaintiff's litigation guardian as trustee.
8 Aug 2013

N P SMITH v S C PENNEY and D M SIMUNOVICH [2013] NZHC 1981

Citation

[2013] NZHC 1981
Court

High Court

Clear evidence established the first defendant had received and retained trust rental income and acted without authority; on that basis the court granted summary judgment limited to compelled accounting (payment of income into the Trust account), production of leasing records, and orders requiring the first defendant to refer decisions to and comply with the trustees; other relief (replacement trustees and declaratory relief) was not appropriate for summary judgment and was deferred.