2 Dec 2014
ARTHUR SYLVAN MORGENSTERN v STEPHANIE BETH JEFFREYS AND TIMOTHY WILSON DOWNES [2014] NZSC 176
- Citation
- [2014] NZSC 176
- Court
- Supreme Court
Leave to appeal was refused because the proposed appeal did not raise a question of law of public or general importance nor disclose a miscarriage of justice; the lower courts correctly treated the director as bearing the evidential burden to establish fair value when transacting with the company, there is no absolute duty to obtain a contemporaneous independent valuation but the absence of such evidence and of called advisers justified adverse findings, and the award of $3,499,999 was supportable on restitutionary or 'but for' principles.