13 Mar 2015
KYLE v HUAPAI ENTERPRISES LIMITED [2015] NZHC 463
- Citation
- [2015] NZHC 463
- Court
- High Court
Although Huapai's disposition of 156F was to Messrs Herring and Reeve as trustees and thus falls within s298(2), the liquidators are not entitled to recover $567,816.09 under s298 because the transfer was part of a bona fide family settlement negotiated at arm's length, creditors' positions were protected by funds available (including monies held in solicitor's trust and court-ordered compensation), and non-compliance with distribution formalities did not invalidate the disposition given s17; accordingly s298 recovery was not justified.