5 Oct 2018
Jespersen v Secretary of the Treasury [2018] NZHC 2603
- Citation
- [2018] NZHC 2603
- Court
- High Court
The Court ordered sale under s339 PLA and authorised lapsing of specified caveats and notice because sale and division were appropriate, provided safeguards protect dissenting minority: the sale price must not be less than an updated expert valuation, and where three owners (75%) agree the Registrar may execute documents on behalf of a dissenting 25% owner (with 10 working days' notice) to avoid deadlock; a four-month self-managed marketing period is appropriate before appointing a listing agent; managing partner remuneration claims were refused as impermissible under s27(f) of the Partnershi…