12 Jul 2019
MAINZEAL PROPERTY AND CONSTRUCTION LIMITED (IN LIQ) v YAN AND OTHERS [2019] NZHC 1637
- Citation
- [2019] NZHC 1637
- Court
- High Court
Both applications (plaintiffs' claim for interest and defendants' claim for reduction for asset recoveries) raised legitimate points but economically offset one another; starting net deficiency was ~$87m not ~$110m and plaintiffs' failure to seek interest in closing did not preclude court treating time value as a factor within s301 discretion; net result: no alteration to the $36m compensation order. Costs awarded to plaintiffs on scale with specific adjustments and a proportional award to fifth defendant; fixed contribution from Isola ordered.