20 Mar 2014
MCLEAN v FUTURE WEALTH MANAGEMENT LTD [2014] NZHC 528
- Citation
- [2014] NZHC 528
- Court
- High Court
Application for leave declined because applicant failed to establish a sufficiently arguable case of value to justify derivative litigation: probable recoveries were modest (estimated c. $40k–$50k), the likely costs and need for expert inquiry would exceed any recovery, the company lacked resources and would effectively require funding by the defendant director, and alternative remedies (shareholder action or liquidation) were more appropriate and in the company's interests.