10 Oct 2007
DAVID SLIGO TAYLOR V SEAHORSE WORLD AQUARIUM HC BLE CIV 2007-406-004
- Citation
- openlaw-23b1f8b9_d8be_47c1_9a07_6257a158d429.pdf
- Court
- High Court
The Court held the defendants did not prove on the balance of probabilities that the share capital was unpaid so the July 2006 call was not legally capable of being made; alternatively, even if capital were unpaid the call was invalidly made because the Taylors were wrongly treated as ineligible to vote; accordingly the forfeiture and subsequent issue of shares were invalid; further, the NZIJ loan was a related‑party transaction entered into without required disclosure in breach of s140 and amounted to unfairly discriminatory/unfairly prejudicial conduct under s174; declaration of oppressive/…