23 Nov 2018
TONY & STEFANIE TRUSTEE LIMITED v STEFANIE TRUSTEE LIMITED [2018] NZHC 3046
- Citation
- [2018] NZHC 3046
- Court
- High Court
The Deed of Resettlement was invalid as a fraud on a power because its dominant purpose was to confer a beneficial interest and control on Mr Young (a non-object) rather than to benefit the named beneficiaries of the Stephanie Laird Family Trust; consequently the sale proceeds remain held for the Stephanie Laird Family Trust; the 2008 Deed of Acknowledgement of Debt is valid and obliges the trustee to pay Mr Young half of the capital profit as calculated by the trust's chartered accountant; the counterclaim alleging misappropriation was dismissed.