23 Jul 2019
GP96 LTD v PVG SECURITIES TRUSTEE LTD [2019] NZCA 325
- Citation
- [2019] NZCA 325
- Court
- Court of Appeal
GP96 failed to establish a reasonably arguable continuing leasehold interest enforceable against PVG because the lease did not bind PVG (no consent by PVG or predecessors) and, in any event, the lease terminated when the landlord received no insurance monies available for reinstatement because FMC lawfully applied insurance proceeds to repay secured debt pursuant to its mortgage; accordingly PVG was entitled to removal of the caveat and the 2011 interim injunction could be rescinded; the Court may restrain further caveats in these circumstances.