5 Oct 2018
GREEN MEADOW HOLDINGS APS v SARGISON AND DALTON [2018] NZHC 2216
- Citation
- [2018] NZHC 2216
- Court
- High Court
The court held that creditors of the insolvent Kiwi Deposit Building Society have priority over members and that the instrument of dissolution and the contractual 'tracking' rights of Class B and D shareholders cannot defeat creditors' priority; consequently the plaintiffs' first, second, fourth and fifth causes of action (seeking priority or constructive/express trust relief) were legally untenable and struck out; the alleged mismanagement cause of action was procedurally deficient but not hopeless and plaintiffs were granted limited leave and directions to replead with full particulars and…