6 Dec 2022
GRP HOLDINGS LTD v VP NOMINEES LTD [2022] NZHC 3262
- Citation
- [2022] NZHC 3262
- Court
- High Court
The Court declined the application. Even if jurisdiction existed to add a condition requiring an undertaking after a caveat was sustained, it was not appropriate on the facts: there was no material change in circumstances justifying the order, VP Nominees proceeded with the Cabra sale having been on notice of GRP's claims and the caveat, there was insufficient evidence that VP Nominees would suffer loss that GRP should be required to underwrite, and VP Nominees retained a significant deposit and other protections; accordingly the application for an undertaking was refused.