4 Apr 2017
WHITFORD PROPERTIES LIMITED (IN LIQUIDATION) v BRUCE & ORS [2016] NZHC 625
- Citation
- [2016] NZHC 625
- Court
- High Court
The court found the substitute private treaty recorded an effective sale price of $10,014,956 and that Bruce, by accepting non‑cash consideration structured to extinguish personal debts and recover a forfeited deposit, failed to obtain the full benefit for the mortgagor and breached duties under s176 and s185 PLA; Hayhow and Coumat dishonestly assisted and Coumat knowingly received the surplus, so WPL is entitled to recover the surplus funds (2,560,054) subject to the court's orders; s184 did not shield the purchaser because the contractual structure deprived the mortgagor of surplus and the…