18 Nov 2021
THE VINTAGE AVIATOR LTD v DEMARCO [2021] NZHC 3096
- Citation
- [2021] NZHC 3096
- Court
- High Court
DeMarco acted as TVAL's agent and breached fiduciary duties by diverting sale proceeds; OSRC, as vehicle controlled by DeMarco, is liable for knowing receipt with DeMarco's knowledge attributable to it; tracing into the FPT repayment failed because repayment to a creditor discharges the debt absent a close transactional link, but equity subrogated TVAL to an equitable charge over the Corsair limited to the amount actually diverted ($720,000); plaintiffs entitled to judgments on conversion, contract and restitution claims in specified sums; compound or penalty contractual interest under the or…