17 Jul 2014
LAKE HAYES PROPERTY HOLDINGS LIMITED v PETHERBRIDGE [2014] NZHC 1673
- Citation
- (2014) 15 NZCPR 590
- Court
- High Court
The Court authorised cancellation of the unit plan because the body corporate was effectively defunct and the units were past economic life making redevelopment necessary; having found the parties deadlocked and that sale or purchase was necessary, the Court exercised its s339 discretion to require the majority co-owner to purchase the minority 9.15% share for $274,500 (an above-market but agreed commercial sum) and to pay 9.15% of any excess if the property sells within 12 months for over $3,000,000; ancillary compensation beyond fair market price under s343 was not ordered.