3 Sept 2019
PURE ELITE HOLDINGS LTD v BODCO LTD [2019] NZHC 2191
- Citation
- [2019] NZHC 2191
- Court
- High Court
The Danpac heads of agreement was, in material respects, an unenforceable agreement to agree because essential matters (revised business plan, budget, capitalisation timetable and milestones) remained for future agreement without objective machinery; although a joint venture existed it did not give rise to fiduciary duties between the parties; the 51% share transfers to EHNZ/PEHNZ were made in expectation of imminent funding and, on failure of that basis and termination of the joint venture (by 24 December 2014), it was inequitable for PEHNZ to retain the shares — declaration made that PEHNZ…