New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Distribution to shareholders

Legal area

Court

14 Jul 2020

JACKSON and GRAHAM v FORESTLANDS (NO.2_x001e_NO.20) LIMITED [2020] NZHC 1683

Citation

[2020] NZHC 1683
Court

High Court

Liquidators may withhold dividends from shareholders who have not proved title or provided payment details and need not undertake further tracing; where a Class B share is held jointly and not all joint holders have satisfied the liquidators, the liquidators must pay the whole dividend for that share to the joint holder(s) who have satisfied them (not a fractional payment).
8 Mar 2019

RE FORESTLANDS [2019] NZHC 393

Citation

[2019] NZHC 393
Court

High Court

The Court granted the application: liquidators may pay interim dividends to shareholders who have proved their shareholdings and provided bank details, must retain an amount equivalent to unpaid dividends for other shareholders in a separate account, may add interest from that account to the general pool for costs and final distribution, and the application may be determined without notice given the circumstances.