29 Mar 2017
BURNSIDE v BURNSIDE [2017] NZHC 595
- Citation
- [2017] NZHC 595
- Court
- High Court
Because the persistent dysfunction between Alec and Robert materially impeded administration of the estate and the W&K Fund and risked beneficiaries' interests, both trustees were removed and a process for appointing independent trustees ordered; the Deed's clause allocating 'net income from harvesting' was interpreted to mean proceeds distributed to the estate by BFL (subject to directors' solvency duties) and did not impose a personal obligation on Robert to top-up retained company funds; the estate's 50% BFL shareholding is to be transferred and vest in Robert under ss59,66,68 Trustee Act…