26 May 2017
HAMISH MCINTOSH v JOHN HOWARD ROSS FISK AND DAVID JOHN BRIDGMAN [2017] NZSC 78 [26 May 2017]
- Citation
- [2017] 1 NZLR 863
- Court
- Supreme Court
The respondents (liquidators) were entitled to set aside and recover the fictitious profit component of payments made by the insolvent Ponzi operator; the statutory clawback provisions of the Companies Act and Property Law Act apply to dispositions/payments made from co-mingled trust funds held and misapplied by the company; an innocent recipient acted in good faith and had a defence for value only to the extent of the real and substantial antecedent capital provided ($500,000), but not for the fictitious profits ($454,047); the change of position defence did not apply on the facts.