16 Aug 2012
WAIKATO INSURANCE V INRICH FINANCIAL SERVICES NEW ZEALAND HC HAM CIV-2012-419-000966
- Citation
- openlaw-fa9a12e6_4ff4_4fe2_9c06_43cb2d4b8fd8.pdf
- Court
- High Court
WIFSL failed to establish an arguable entitlement to the commissions because the parties intended shareholding, not cash, as the consideration so there was no obligation to pay the recorded cash price and the purported cancellation was invalid; even a valid cancellation would not divest Inrich of commission rights absent an order under s9; on the balance of convenience and overall justice (including potential harm to Inrich, its creditors and AMP and absence of adequate undertaking by WIFSL), an interim injunction was not justified and damages would be an adequate remedy.