New Zealand Case Law: Decisions & Judgments

Topic

Event of default

Legal area

Court

24 Jun 2014

STURGESS v DUNPHY CA366/2013 CA717/2013 CA367/2013 [2014] NZCA 266

Citation

[2014] NZCA 266
Court

Court of Appeal

The Court upheld the High Court's findings that Sturgess's omissions and unauthorised operational conduct amounted to oppressive and unfairly prejudicial conduct under s 174; the contractual event of default and deadlock remedies relied on by appellants failed for lack of procedural compliance, delay and factual foundation; equitable discretion precluded specific performance of contractual default remedies; compelling sale of Group 2 shares at arbitrated fair market value was an appropriate remedial response though the precise form of orders implementing sale (orders 1 and 3) was reserved for…
13 Dec 2012

GREYMOUTH HOLDINGS V JET TRUSTEES HC AK CIV 2011-404-005309

Citation

openlaw-936d084e_4bc7_4dda_8334_ec22b2f934f3.pdf
Court

High Court

The opposed amendments were declined because they were sought at an excessively late stage after close of the plaintiffs' case and closing submissions, would cause real prejudice to the defendants, introduced materially different claims beyond the facts relied on in the served notices, and impermissibly sought to use an amended pleading to satisfy mandatory contractual notice requirements.
29 Nov 2007

CAPITAL+MERCHANT FINANCE LTD AND ANOR V FORTRESS CREDIT CORPORATION AND ORS HC AK CIV 2007-404-007298

Citation

openlaw-764929d3_8656_48d0_8a1b_dbb8da77184a.pdf
Court

High Court

Although both the Borrower and Lender advanced arguable constructions of the financing documents (notably as to whether the limitation covenant breach triggered immediate default and whether the Put Option was exercisable), the balance of convenience and overall justice favored the lender: CMF had not paid the outstanding $565,624 and had not paid disputed sums into court, CMF's forecast recoveries were implausible and insolvency was likely, therefore injunctive relief restraining Fortress and the receivers was refused, interim orders were discharged and costs awarded to Fortress.

New Zealand Case Law

STURGESS v DUNPHY CA366/2013 CA717/2013 CA367/2013 [2014] NZCA 266

GREYMOUTH HOLDINGS V JET TRUSTEES HC AK CIV 2011-404-005309

CAPITAL+MERCHANT FINANCE LTD AND ANOR V FORTRESS CREDIT CORPORATION AND ORS HC AK CIV 2007-404-007298