5 Oct 2022
NADAN v SHARMA [2022] NZHC 2553
- Citation
- [2022] NZHC 2553
- Court
- High Court
Because the trustees (former spouses) were irreconcilably opposed, had reached an impasse and the trust was deadlocked under a deed requiring unanimous decisions, it was necessary and desirable under ss 112 and 114 Trusts Act 2019 to remove both trustees and appoint an independent corporate trustee; under s 116 their removal divested them of trust property which was vested in the appointed trustee; disgorgement was refused for lack of admissible evidence and left to the replacement trustee to determine.