29 Feb 2008
SHEPHARD AND ANOR V ORCHARD NZ TRUSTEES LIMITED AND ANOR HC WN CIV-2008-485-197
- Citation
- openlaw-d412c9f4_d187_4dc7_b4fc_7861660e5738.pdf
- Court
- High Court
The Retained Monies are held by Duncan Cotterill as stakeholder on trust for both Orchard and Dermac according to the DA; Dermac (and its liquidators) do not have an unfettered proprietary claim making the monies assets of Dermac for distribution to creditors. Orchard has the primary entitlement to drawdowns once it validly exercises its contractual rights and the DA's drawdown and authorisation process (including dual written authorisation) is complied with; Dermac is entitled to any surplus on practical completion. Interest entitlement is governed by clause 3.19 and accrues separately and o…