4 Dec 2012
DELEGAT V NORMAN HC AK CIV 2010-404-004444
- Citation
- openlaw-7486e822_e3e5_4faa_8a93_130016ad5c50.pdf
- Court
- High Court
Defendant was not a shadow or de facto director of the boat-building subsidiaries; his involvement was as funder/non-executive director of SML and as principal of the sales agent. Transfers of customer funds were part of a centralised treasury and, on balance, creditors' positions improved during defendant's directorship due to substantial funding he advanced. Defendant acted in good faith and on reasonable grounds and did not breach ss 131, 135, 136 or 137. The statement to the purchaser did not constitute a representation that the company would complete the yacht and therefore did not breac…