8 May 2017
VALMAR TRUSTEE LIMITED v SMART WATER TECHNOLOGY LIMITED [2017] NZCA 161
- Citation
- [2017] NZCA 161
- Court
- Court of Appeal
The appellants failed to prove unfairly prejudicial conduct under s174 because the related‑party arrangements (Ivent supplying goods at a margin, carrying debt, providing staff and support) were not adverse to Smart Water's financial interests or to the appellants as shareholders, the statutory breaches and information failures did not result in actual prejudice or exclusion of the minority, insolvency was not established because the main creditor (Ivent) did not intend to demand repayment and continued support made winding up unjustified, therefore it was not just and equitable to grant reli…