11 Dec 2013
CLARK V LIBRA DEVELOPMENTS LIMITED AND RUSSELL ERNEST HYSLOP AS TRUSTEE OF THE HYSLOP FAMILY TRUST CA482/2013 [2013] NZCA 618
- Citation
- [2013] NZCA 618
- Court
- Court of Appeal
The Court held that because no FF&E reserve had been established or maintained and any future reserve was speculative, the account-taker was directed to disregard the FF&E reserve for valuation as at 30 June 2010 and for reconstructing interest/repayment timings; likewise the prospect of a depreciation claw-back was remote and should be disregarded; the appeal was dismissed.