19 Feb 2014
ALLIED TOURS AND TRANSFERS LIMITED v COLEMAN [2014] NZHC 212 [19 February 2014]
- Citation
- [2014] NZHC 212
- Court
- High Court
Court held defendants breached the shareholders' agreement (cl 11.1) by implementing the Combined Factoring Arrangement and transferring Allied's business to HCT without unanimous shareholder approval, but plaintiff failed to prove diversion of factoring revenue to Regency and In Style or to reliably quantify loss from that alleged diversion or from the lease matter; equitable compensation was awarded only for one-third of the $10,000 sale proceeds ($3,333.33 against Ms Coleman) and one-third of the established $24,600 discrepancy ($8,200 against the defendants).