New Zealand Case Law: Decisions & Judgments

Topic

Continuous disclosure

Legal area

Court

13 Aug 2018

FINANCIAL MARKETS AUTHORITY v JACKSON & GIBSON as voluntary administrators of CBL Corporation Limited [2018] NZHC 2052

Citation

[2018] NZHC 2052
Court

High Court

While continuous disclosure obligations under the Listing Rules and s 270 are mandatory in an active market, they are suspended during a voluntary administration under Part 15A of the Companies Act 1993; during administration the issuer's disclosure/reporting obligations are those specified by Part 15A because the statutory freeze on share transfers and the creditor‑focused administration process displace the policy basis for continuous disclosure.
27 May 2011

ARMITAGE v CHURCH HC WN CIV-2009-485-1952

Citation

openlaw-d62a5d61_6a24_43f3_a7c2_aa6ac8f21554.pdf
Court

High Court

Court held defendant adviser breached duty of care by recommending imprudent concentration in finance company debentures and by recommending ING Credit Opportunities Fund (COF) as a fixed interest income asset without adequate analysis; adviser failed to offer or consider less risky fixed interest alternatives and wider market comparators, and failed to ensure adequate spread; however adviser was not negligent in relation to ING RIF and EYF or in relation to cashflow advice overall; standard disclaimer did not absolve liability for the negligent advice found; individual adviser (Mrs Church) i…
22 Sept 2006

AUCKLAND INTERNATIONAL AIRPORT LTD V AIR NEW ZEALAND LTD HC AK CIV-2006-404-5212

Citation

openlaw-6039e12a_c7a1_40c1_bc1e_273875e66521.pdf
Court

High Court

The confidentiality deed unambiguously included AIAL's proposed charges as 'Information'; clause 5.2 required Air New Zealand to notify and allow AIAL to contest any listing-rule/legal disclosure, and on the facts LR10.1.1 exceptions applied because the information was confidential, its disclosure would breach the deed (law), and a reasonable person in context would not expect disclosure; accordingly AIAL established a serious question to be tried and equitable relief was warranted, so an interim injunction was granted restraining Air New Zealand from disclosing the proposal and other consult…

New Zealand Case Law

FINANCIAL MARKETS AUTHORITY v JACKSON & GIBSON as voluntary administrators of CBL Corporation Limited [2018] NZHC 2052

ARMITAGE v CHURCH HC WN CIV-2009-485-1952

AUCKLAND INTERNATIONAL AIRPORT LTD V AIR NEW ZEALAND LTD HC AK CIV-2006-404-5212