28 Oct 2022
STRAWBERRY HILL INVESTMENTS LIMITED, AITKEN AND VAUGHAN v PAEKAKARIKI HOLDINGS LIMITED [2022] NZHC 2802
- Citation
- [2022] NZHC 2802
- Court
- High Court
Given uncertainty as to current market value, the parties' equal expectation to share development upside, the applicants' contributions did not justify vesting the property solely in them, and fairness required sale; accordingly the Court ordered sale under s 339(1), repayment of Midlands mortgage first, equal sharing of net proceeds, and a compensation payment from respondents to applicants of $137,500 (half the assessed difference in contributions) payable on settlement; if sale proceeds are insufficient to discharge Midlands the two co-owners must each pay half the shortfall.