7 Apr 2016
TAJ CONSTRUCTION LTD (IN LIQUIDATION) v OWENS AND VANCE, AS LIQUIDATORS OF TAJ CONSTRUCTION LTD (IN LIQUIDATION) [2016] NZHC 584
- Citation
- [2016] NZHC 584
- Court
- High Court
Bank records established that the transactions were personal drawings repayable as advances on the shareholder's current account producing a debt of $262,318.87; mortgage payments of $20,828.04 from company funds were a misapplication in breach of fiduciary duty and are held on constructive trust for the company; no further consideration of the s301 compensation claim was required given the primary remedies.