New Zealand Case Law: Decisions & Judgments

Topic

Section 37(6) securities act 1978

Legal area

Court

30 Apr 2014

LITTLE & ORS v JULL [2014] NZHC 871

Citation

[2014] NZHC 871
Court

High Court

Costs were awarded on a High Court 2B basis because the proceedings involved complex factual and legal issues (securities, company law, limitations, equity), raised a novel and publicly important question of director liability under s 37(6) Securities Act 1978, and therefore were properly dealt with in the High Court despite the final judgment being within the District Court monetary limit; contested cost items were allowed or disallowed as detailed and overall costs and disbursements were awarded to the plaintiffs.
30 Sept 2011

RS LITTLE & ORS V AEG JULL HC NAP CIV-2010-441-713

Citation

openlaw-dccbcdd6_933c_4dcf_97f8_2fa0299ec406.pdf
Court

High Court

The Court refused to strike out the proceedings or grant summary judgment. Procedural defects in the initial pleadings were cured by the second amended claim under r1.5 and the claim was properly commenced; the limitation defence was not established on the material before the Court; the question whether s37(6) applies to directors who resigned before the repayment obligation arose was a live question of law not suitable for summary disposal and accordingly summary judgment was declined.
24 Feb 2010

AI NEE CHEAN V HERALD VICTOR DE ALWIS AND ORS CA CA458/2008

Citation

openlaw-0c4754bc_410e_425a_a4c5_76ad1508db30.pdf
Court

Court of Appeal

Issue estoppel applied to preclude relitigation of Courtney J's findings that the offers were to the public and void without a registered prospectus; appellant was a director when repayment liability under s 37(6) arose so summary judgment for the sixth respondent was upheld; insufficient evidential foundation existed to make out the proviso defence or to conclude appellant had the requisite knowledge for knowing receipt, so summary judgment against other respondents was set aside and trial ordered.
4 Jul 2008

DE ALWIS AND ORS V CHEAN HC AK CIV 2007-404-005357

Citation

openlaw-c7eaf1d2_e42c_4238_90a7_4d16d1645f47.pdf
Court

High Court

The prior judgment by Courtney J on materially identical issues operated as issue estoppel against the defendant on the invalidity of allotments and the existence of the statutory trust; the defendant failed to adduce an evidential foundation to establish the proviso to s37(6) or to rebut knowledge of the statutory trust; accordingly the sixth plaintiff is entitled to summary judgment for $150,000 plus interest and the defendant is liable in knowing receipt for trust funds traced into her personal account amounting to at least NZD 573,195.49, with directions for further evidence to determine…

New Zealand Case Law

LITTLE & ORS v JULL [2014] NZHC 871

RS LITTLE & ORS V AEG JULL HC NAP CIV-2010-441-713

AI NEE CHEAN V HERALD VICTOR DE ALWIS AND ORS CA CA458/2008

DE ALWIS AND ORS V CHEAN HC AK CIV 2007-404-005357