New Zealand Case Law

2 Sept 2019

HOUGHTON v SAUNDERS & ORS [2019] NZCA 404

Citation

[2019] NZCA 404

Court

Court of Appeal

s63(1) is a broad, discretionary provision capable of applying to civil claims under s56(1); s63 is distinct from and not co-extensive with the s56(3)(c) due diligence defence; the Supreme Court did not determine availability of s63 and factual issues remain for stage two, so strike out of the s63 issue was inappropriate.

• Section 56 securities act 1978 (prospectus liability)
• Section 63 securities act 1978 (court relief)
• Due diligence defence (s56(3)(c))
• Strike out applications
• Insurance and indemnity prohibitions (ss61-62)
• Allocation of liability