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.