9 Mar 2021
TPD 2018 LTD v GODFREY AND COMPANY LTD [2021] NZHC 431
- Citation
- [2021] NZHC 431
- Court
- High Court
The court held the TPAG arrangement was a joint operation/joint venture rather than a partnership; equity and contract required Godfreys to account for TPA's share of net proceeds; specific staff allocation adjustments and a limited run-off contractor cost were allowed but claims for a managing director allowance and most run-off costs were rejected; the assignment to TPD was valid because the merger/amalgamation context and the merger agreement afforded a genuine commercial interest; resulting payment ordered to be $589,844 plus interest and costs to be determined.