1 Sept 2015
EMERALD SHORES LTD (IN LIQ) v CAMERON [2015] NZHC 2103
- Citation
- [2015] NZHC 2103
- Court
- High Court
The Court held that Cameron breached his fiduciary duties by transferring Emerald Shores' properties to ESL2011 (a company he controlled) while the company was insolvent and under statutory demand, that ESL2011 received assets and proceeds with knowledge of the breach, and that Emerald Shores retained an equitable proprietary interest enforceable by constructive trust and tracing; accordingly the Court made declarations of breach and constructive trust, ordered transfer of Lot 67 and repayment/accounting of sale proceeds (except amounts repaid to Wroxton and Curzon), and awarded costs to the…