28 Apr 2020
BODY CORPORATE 78693 v GIBSON SHEAT SHELF COMPANY NO. 28 LIMITED [2020] NZHC 825 [28 April 2020]
- Citation
- [2020] NZHC 825
- Court
- High Court
The Court declined to settle the proposed s 74 scheme because it lacked sufficiently broad, informed support and sufficient, reliable detail; the cost estimates and funding model were impractical and speculative; the proposed 80/20 apportionment had not been forensically justified; undue discretionary powers were vested in a Body Corporate whose past conduct and financial management raised legitimate concerns; and the Body Corporate had improperly handled insurance proceeds—therefore approval would be unfair to affected and other owners and the scheme was not practicable to implement.