12 Nov 2007
T A ROBB AND M C ROBB V C L SOJOURNER AND ANOR CA CA148/06
- Citation
- openlaw-ab0d3bda_8f19_4426_9870_5be517bf82b8.pdf
- Court
- Court of Appeal
The Court of Appeal upheld the High Court finding that Mr and Mrs Robb breached s131 by effecting a transfer of Aeromarine 1's assets to a phoenix company at an undervalue (no genuine allowance for goodwill) and rejecting an effective s138 defence; under s301 equitable restitutionary principles applied so directors must account for gains and make available sums sufficient to satisfy the creditors' proofs; the appeal was dismissed except that High Court costs classification was adjusted to 2C and CA costs fixed at NZD 6000.