23 Mar 2009
HERZOG V HERTLI AND ORS HC BLE CIV-2007-406-000251
- Citation
- openlaw-9d0873a1_8278_4059_8b8d_fcf4f7be4759.pdf
- Court
- High Court
On the facts the advances were equity investments in Herzog Wine Collection Ltd and not loans; shares were issued and recorded as share capital under the company's constitution so no equitable right to redeem at the original NZD50,000 arose and the doctrine against clogging the equity of redemption does not apply; plaintiffs' equitable and statutory remedies fail.