15 Jun 2018
CLOUD HOUSE LTD v BULLETPROOF GROUP LTD [2018] NZHC 1450
- Citation
- [2018] NZHC 1450
- Court
- High Court
Credible evidence showed Cloud sold its business and likely distributed the $1,000,000 sale proceeds to shareholders and now depends on unsecured shareholder support; given the real risk Cloud would be unable to meet an adverse costs order, and after balancing interests including the existence of a related counterclaim, it was just to order staged security of $60,000 (two tranches of $30,000) payable into solicitors' trust or court, with failure to comply permitting defendants to seek stay or adjournment.