23 Jan 2012
MCCULLOCH & ORS AS TRUSTEES OF TOTARA TRUST V QUINN HC AK CIV-2011-404-003508
- Citation
- openlaw-b6b95e8d_4060_4d04_8b29_a5091b5d875a.pdf
- Court
- High Court
The strike‑out application was dismissed because the plaintiffs have an arguable cause of action under s174: the sale of shares and the effective compromise of derivative proceedings that the defendants controlled can amount to conduct of the company's affairs that is oppressive or unfairly prejudicial; in the circumstances it is at least arguable that the parties who obtained leave to pursue derivative proceedings (and related shareholder recipients) owed duties and that relief including compensation under s174 is available; the claim should be amended and proceeded with rather than struck o…