27 Sept 2013
SPENCER v SPENCER CA108/2012 [2013] NZCA 449
- Citation
- [2013] NZCA 449
- Court
- Court of Appeal
Trustees breached trust by failing to consider or pursue recovery of a real debt owed by Spencer Group Ltd, by permitting the settlor (through his company) to charge unauthorised and excessive management fees and by failing to collect agreed rent; trustees failed to discharge the onus to show recovery would have been futile, were not entitled to rely on the exemption clause or s 73 and appellants are liable to restore quantified losses; appeal allowed in part and High Court judgment set aside in part with a reduced award.