30 Jul 2018
TYRION HOLDINGS LTD v INFRASTRUCTURE NZ LTD & ORS [2018] NZHC 1899
- Citation
- [2018] NZHC 1899
- Court
- High Court
Although Claydon's actions resulted in the substantive transfer of INZ's undertaking to ICL and were wrongful, the court declined to grant relief under s174 because, weighing all circumstances including significant misconduct by the other director (Blomfield), Claydon's motive to preserve assets/repay creditors, and Tyrion's acquisition of shares with knowledge of INZ's parlous state, it was not just and equitable to award compensation; accordingly the plaintiff's claim was dismissed.