12 Apr 2017
WILDING & ANR v TE MANIA LIVESTOCK LTD & ORS [2017] NZHC 717
- Citation
- [2017] NZHC 717
- Court
- High Court
Court held TML was ungovernable under current structure and liquidation is not the appropriate remedy; instead First Plaintiff (Timothy Wilding) is granted a conditional opportunity to purchase the other shareholders' shares at a court-fixed fair value subject to strict terms. Key claims failed: WHHL did not owe enforceable right to renew Lagoon Flat in the terms pleaded and plaintiffs failed to prove loss; TMPL's lease claims (fertiliser, fences, rates, maintenance) were not proven to legal standard; DOC grazing licence held for TML (acquired by Mr and Mrs Wilding for TML); stock welfare pro…
- Oppressive conduct (s 174 companies act)
- Directors' duties and conflicts
- Right of first refusal/lease renewal
- Lease and licence issues (property law act)
- Share valuation and buy-out vs liquidation
- Derivative proceedings