12 Sept 2008
3-TIER.COM LTD (IN LIQUIDATION) V 3-TIER SOLUTIONS LTD AND ORS HC AK CIV 2008-404-001843
- Citation
- openlaw-53ed7b50_1182_49e2_9251_01d36ea31c4a.pdf
- Court
- High Court
The court found that all parties had proceeded on the clear assumption (per IRD reconstructed financial statements) that the payments were salary or deemed dividends, they accepted and acted on that assumption with legal effect and would suffer detriment if the plaintiff were allowed to resile; in all the circumstances it would be unconscionable to permit reclassification, so estoppel by convention prevents recovery and the summary judgment application is dismissed.