17 Nov 2016
Intext Coatings Limited (in liq) v Deo [2016] NZHC 2754
- Citation
- [2016] NZHC 2754
- Court
- High Court
Court found the company entitled to recover the shareholder current account balance of $233,194 and additional post‑FYE2014 drawings of $342,224; both defendants jointly and severally liable for drawings except mortgage repayments which were the sole liability of Mrs Deo; equitable tracing into the property was refused because mortgage repayments are typically repayments of debt and backward tracing was not established on these facts; however equitable subrogation was available and the court imposed an equitable charge over the property in favour of the company for $77,862.19 ranking behind e…