New Zealand Case Law: Decisions & Judgments | LexChat

New Zealand Case Law

Depreciation of assets

  • 28 Jul 2022

    THE COMMISSIONER, NEW ZEALAND POLICE v SILOATA and SKINNON [2022] NZHC 1830

    Citation
    [2022] NZHC 1830
    Court
    High Court

    On the material before the Court (conviction of Siloata, surveillance, large cash seizures and declared income inconsistent with assets, and disclaimers by registered owners) there were reasonable grounds to believe the assets were tainted and/or represented unlawful benefit; because registered owners disclaimed interest s 50(4) CPRA could apply and a restraining order was appropriate to preserve the ability to forfeit after one year, and given likely significant depreciation and delay in resolution the Court exercised its discretion under ss 33 and 35(e)(v) CPRA to order early sale of the mo…

  • 4 Jun 2015

    COMMISSIONER OF POLICE v EVANS [2015] NZHC 1240

    Citation
    [2015] NZHC 1240
    Court
    High Court

    The court ordered sale of the Harley Davidson motorcycle because evidence (comparative market data, Turners valuations and depreciation rates) demonstrated ongoing decline in value and storage costs that would reduce recoverable proceeds, satisfying s 35(e)(v); the court declined sale of the Holden Monaro because evidence showed it was a superior/rarer manual model with low mileage and market estimates indicating its value had not declined and could be maintained or appreciate, and storage costs alone did not satisfy the requirement for sale under the section.