New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Conflict of interest of trustee

Legal area

Court

9 Aug 2012

PUBLIC TRUST V CONWAY MADISON GROUP LIMITED (IN LIQUIDATION) HC AK CIV 2012-404-001590

Citation

openlaw-706f1344_b19e_4192_8182_6a0c115b7bee.pdf
Court

High Court

The Court refused to appoint receivers because the jurisdiction is to be exercised sparingly, majority creditors opposed receivership, alternative remedies existed and receivership would likely be disproportionately costly; nor would the Court itself conduct an inquisitorial determination. Instead the Court directed appointment of an independent expert under r 9.36(1) to inquire into the factual validity of the creditor claims and issued procedural directions for selecting that expert and framing the questions to be asked.
23 Nov 2006

GUNSON AND IMMS V BANICEVICH AND ANOR HC AK CIV 2003-404-913

Citation

openlaw-9755056d_c25c_4d31_a5b3_1cdc5e2aeb61.pdf
Court

High Court

The trustees were obliged to offer the option to the grandsons at the fair market value of the shares assessed by the chartered accountant as at the option date (the March 2004 Hagen share valuation based on the August 2003 Kerr farm valuation), offered as soon as practicable after the option date; trustees had no power to retrospectively reset that valuation in 2006 except to correct manifest inaccuracy, and trustees' exercise of discretion over licence terms must be reasonable and consistent with the testator's intent.