12 Jun 2020
VEY GROUP LIMITED v DAVID VANCE AND IAN MILLARD AS TRUSTEES OF THE ORANA TRUST [2020] NZCA 232
- Citation
- [2020] NZCA 232
- Court
- Court of Appeal
The respondents had standing as shareholders for s 174 purposes because the company and the sole director had treated them as shareholders and their registration was effectively ministerial; the sole director's conduct (misleading statements about registration, executing a purported special resolution without required support, intermingling funds, failing to provide accounts and concealing indebtedness) amounted to a serious and visible departure from standards of fair dealing and was oppressive/unfairly prejudicial; the appropriate remedy in the circumstances was to remove unilateral control…