3 Aug 2011
MYVIRTUALHOME INTERNATIONAL LIMITED (IN RECEIVERSHIP AND IN LIQUIDATION) V NGATI TAMA CUSTODIAN TRUSTEE LIMITED HC AK CIV-2009-443-000548
- Citation
- openlaw-eaadddbe_a94e_4921_9151_4dde0aaf3191.pdf
- Court
- High Court
On the facts and documents the court concluded Auran Technologies retained its own copy of Auran Jet while MVHI and CDS jointly owned a copy under the April 2006 heads of agreement; the debenture granted by CDS to Ngati Tama, the MVHI guarantee and the deed of priority executed on 24 December 2008 were valid and not defeated by negative pledge or fiduciary breach allegations because Martin acted as sole director for a proper corporate purpose to secure funding and there was no knowing receipt by Ngati Tama; the November 2006 purported licence amendment was not an effective variation for want…