28 Oct 2008
MAARA KAI MOANA LIMITED V SEAHORSE WORLD AQUARIUM LIMITED HC BLE CIV 2008 406 101
- Citation
- openlaw-d15968c2_63e8_4d99_9bfb_0787bb3e994a.pdf
- Court
- High Court
The Court found that, on the facts, there was a sufficient and continuing pattern of conduct — including irregular share forfeiture/reallocation, creation of contested new share capital, related‑party funding and security arrangements, and withholding of critical information — that produced a breakdown in the working relationship and entrenched majority control to the detriment of a substantial minority; that conduct met the high threshold for just and equitable winding up and justified adjourning the matter to the liquidation list with a likely order for liquidation.