26 Sept 2014
KAWARAU VILLAGE HOLDINGS LTD v NEO and ORS [2014] NZHC 2402
- Citation
- [2014] NZHC 2402
- Court
- High Court
Defendants second, third, fourth and fifth breached their sale and purchase agreements by failing to settle after receipt of settlement notices; plaintiff validly cancelled the contracts and is entitled to damages equal to the purchase price less deposits and the market value at cancellation, plus contractual penalty interest for the period between settlement date and cancellation and statutory interest under s 87 from cancellation to judgment, together with costs.