New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Joint venture beneficial ownership

Legal area

Court

23 Jul 2021

BBG HOLDINGS LIMITED (in liquidation) v FATUPAITO and BOWKER as joint and several liquidators of CIT HOLDINGS LIMITED (in liquidation) [2021] NZHC 1877

Citation

[2021] NZHC 1877
Court

High Court

Leave granted because BBG established an arguable case with credible contemporaneous documentary evidence and a reasonable likelihood the Court would reverse; the liquidators' reversal was unreasonable given the sale agreement did not cover all properties where works occurred, the invoices were contemporaneous recharges issued while the same director controlled both companies, and the Waimarie joint venture and surrounding facts supported an objective finding that CIT had contracted to reimburse the earthworks. Accordingly the liquidators' decision rejecting BBG's claim is reversed and BBG's…
5 Dec 2014

CIT HOLDINGS LIMITED v GLOVER NO 2 LIMITED [2014] NZHC 3114

Citation

(2014) 16 NZCPR 85
Court

High Court

The caveats were retained because Glover No 2 demonstrated an arguable beneficial interest under the Waimarie JV (beyond mere entitlement to sale proceeds in relation to most properties), and CIT failed to establish on summary application that there is no equity or that removal would not prejudice legitimate interests; valuation uncertainty and sales to related parties weighed against exercising the residual discretion to remove the caveats, so the application was dismissed.