27 Apr 2012
NZF MONEY LIMITED (IN RECEIVERSHIP) V O'CONNOR HC AK CIV-2012-404-001833
- Citation
- openlaw-fb5f43aa_4573_4e2a_b320_f425caba35c4.pdf
- Court
- High Court
On the evidence before the Court NZF Money demonstrated a good arguable case that the directors breached fiduciary duties and s 131 in selling NZF Homeloans shares at an apparent gross undervalue and that NZF Group may hold subsequent sale proceeds as constructive trustee; coupled with credible indicators of liquidity deterioration, regulatory investigations and statements indicating potential dissipation, there was a high risk of dissipation and the freezing order should be continued with limited variations to permit legal and ordinary course payments.