27 Feb 2014
JEFFREYS v MORGENSTERN [2014] NZHC 308
- Citation
- [2014] NZHC 308
- Court
- High Court
Court held claims relating to rental underwrite and carpark deed dismissed: director had reasonable grounds and expectations (including anticipated shareholder support) and no breach of s135 or s136. Sale of MS St Lukes shares breached s131, s135 and s137 because the director proceeded without a contemporaneous independent valuation, acted with dominant personal interest to eliminate his overdraft, and exposed company creditors to substantial risk; director ordered to contribute NZD 3,499,999 to Morningstar Enterprises Limited under s301. Claim under s298 dismissed for failure to prove quanti…