8 Sept 2023
THE CHRISTIAN CHURCH COMMUNITY TRUST AND OTHERS v BANK OF NEW ZEALAND [2023] NZHC 2523
- Citation
- [2023] NZHC 2523
- Court
- High Court
The Court held there is a serious question to be tried on the breach of contract claim because clause 8.2 cannot be taken as an unfettered absolute termination right without consideration of the default rule/Braganza approach or an implied obligation to act reasonably; BNZ's procedural and substantive justification for terminating all Gloriavale accounts must be determined at trial; the balance of convenience and overall justice require continuation of the interim injunction preventing BNZ from closing the listed accounts pending final determination.