11 Sept 2014
MORGENSTERN v JEFFREYS CA122/2014 [2014] NZCA 449
- Citation
- (2014) 11 NZCLC 98
- Court
- Court of Appeal
The director, who was conflicted, authorised a related-party purchase without a contemporaneous independent share valuation and failed to adduce direct evidence of professional advice relied upon; he therefore breached ss 131, 135 and 137 and could not prove the shares were purchased for fair value; restitutionary relief under s 301(1)(b) to disgorge the benefit of the breach was appropriate and the director was ordered to pay $3,499,999.