New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Derivative proceeding

Legal area

Court

1 Jun 2022

VIJAYAKUMAR v MANUKAU FAMILY DOCTORS LTD [2022] NZHC 1272

Citation

[2022] NZHC 1272
Court

High Court

Majority shareholder/director engaged in conduct that unfairly prejudiced the minority by permitting related parties to occupy Company premises at below market returns, using Company funds for related parties and personal costs, failing adequate accounting and communication; appropriate relief is a buyout of minority at the mid-range expert valuation ($667,386) and compensation for direct losses reduced for contingency ($79,281); consequential loss claim dismissed; limitation defence not established as defendants did not prove it.
2 May 2013

NEW ZEALAND VENUE AND EVENT MANAGEMENT LIMITED V WORLDWIDE NZ LLC COA CA834/2011

Citation

COA CA834/2011
Court

Court of Appeal

The Court held s 87 did not permit interest from the valuation date because WWNZ's claim sought declaratory relief and the sum payable was not an ascertained or readily ascertainable debt; consequently the High Court's interest award under s 87 was set aside. The Court also held the derivative proceeding had nil market value for valuation purposes because a willing purchaser would not pay for a claim that depended on cooperation by the majority owners and was not realistically enforceable.