New Zealand Case Law: Decisions & Judgments | LexChat

New Zealand Case Law

Directors' duties (s149 companies act 1993)

  • 18 Sept 2014

    INSUREGO LIMITED v PACIFIC TRUSTEES & NOMINEES LIMITED [2014] NZHC 2261

    Citation
    [2014] NZHC 2261
    Court
    High Court

    The Court found there were grounds under r 8.19 to believe defendants had not discovered certain documents that ought to have been discovered (notably 2008 audit materials, and Standard & Poor's modelling spreadsheets); those categories were relevant to plaintiffs' valuation claim and proportionate to order. Other requests were refused where discovery orders had not targeted them, documents did not exist in the requested form, or relevance/proportionality were not established (eg bank correspondence, June 2008 insurance breakdown). The Court ordered defendants to produce a supplementary verif…

    • Particular discovery (r 8.19)
    • Directors' duties (s149 companies act 1993)
    • Share valuation
    • Proportionality in discovery
    • Audit and rating agency correspondence

  • 4 Jun 2009

    ROSSOD HOLDINGS LTD AND ANOR V RICHARD WILLIAM PRICE HC TAU CIV 2008-470-000316

    Citation
    openlaw-b25ecbdc_7777_48bf_8657_ce76951e9806.pdf
    Court
    High Court

    Joinder of the trustees was granted because they are necessary parties to enable effective enforcement of any judgment against assets that received the sale proceeds; questions about the applicability of s149 and other defenses to trustees and adequacy of pleadings are matters for trial and/or amendment; the concurrent shareholder proceeding was not held to be an abuse of process because shareholders have a distinct interest and there is a realistic prospect that company recovery against the director may be insufficient, making recourse to trust assets a legitimate claim.

    • Joinder of parties
    • Directors' duties (s149 companies act 1993)
    • Fiduciary duty
    • Misrepresentation by silence
    • Misleading and deceptive conduct
    • Abuse of process / res judicata