4 Feb 2019
JOHN HOWARD ROSS FISK AND DAVID JOHN BRIDGEMAN, as liquidators of Ross Asset Management Limited (in liquidation) v ALISTER STUART HOLDEN AND MURRAY WILLIAM BRIDGE, as trustees of the Bruce Charles Morris Estate [2019] NZHC 55
- Citation
- [2019] NZHC 55
- Court
- High Court
The 2009 payment by RAM to the Executors constituted a prejudicial disposition under PLA ss 344-349 because RAM was a debtor and insolvent and the payment was made in circumstances that necessarily hindered creditors; the Trustees received the prejudicial property 'through' the Executors and are liable to pay reasonable compensation; the s 349(1)(a) defence fails because no valuable consideration was provided for the contested portion of the funds by the recipient (Joe) given the settlement merely transferred his pre-existing beneficial interest; accordingly compensation of $258,910.73 plus J…