New Zealand Case Law: Decisions & Judgments

Topic

Tracing of assets

Legal area

Court

7 Dec 2022

SINGH v PORIZAKOVA [2022] NZHC 3249

Citation

[2022] NZHC 3249
Court

High Court

At interlocutory without-notice stage the applicant established a good arguable equitable tracing claim supported by evidence that the defendant likely operated the account receiving the 2005 sale proceeds, there are reasonable grounds that sale proceeds from the 2022 sale are held in accounts the defendant operates (ANZ), and there is a real risk of dissipation or removal of assets; accordingly without-notice freezing orders and non-party discovery were appropriate and granted.
4 Jun 2019

WORLDCLEAR LIMITED v TI HOLDINGS LTD (IN LIQ [2019] NZHC 1246

Citation

[2019] NZHC 1246
Court

High Court

The plaintiff's claims in conversion and money had and received failed because conversion protects possessory title and money had and received requires legal ownership, but the plaintiff succeeded on its equitable claims: TI held funds on trust, transfers to the director amounted to breach of trust and the director was liable for knowing receipt and dishonest assistance, entitling the plaintiff to judgment for NZ$2,687,652, a tracing order for NZ$50,000, ancillary disclosure, interest and costs.
5 May 2016

MCLENNAN & ANOR as liquidators of Neil Timber Limited (in Liquidation) v LIVAJA & ORS [2016] NZHC 889

Citation

[2016] NZHC 889
Court

High Court

Although it was arguable that Mr Ede misappropriated company funds and those funds could be traced into the Ambrico Place proceeds and then into the Sturges Road property, the applicants failed to establish a reasonably arguable proprietary interest in the Sturges Road property because the second respondent did not have the requisite knowledge or conscience of wrongdoing to render her a constructive trustee; accordingly the caveat was not supportable and the application failed.
23 Feb 2015

GOLDMAN & ORS v KIWI VISION LIMITED & ORS [2015] NZHC 240

Citation

[2015] NZHC 240
Court

High Court

Joinder of the residuary beneficiary was necessary to enable adjudication and tracing of estate assets where plaintiffs assert equitable interests from exercised options; the Court exercised its discretion to join the proposed defendant despite potential s51 defenses and the modest quantum, because tracing may be required and the executors' distribution does not preclude examination of where estate property went; timetabling for any strike out/summary judgment applications ordered.
1 Jun 2012

FORRESTERS NOMINEE COMPANY LTD & HUBBARD CHURCHER TRUST MANAGEMENT LTD HC TIM CIV-2011-476-000642

Citation

openlaw-e4392088_cc22_46d1_a908_72074d2559ca.pdf
Court

High Court

Tracing-eligible assets will be isolated; because investor statements and records were unreliable, allocations were often retrospective and funds were mixed, the Court rejected the PIP bespoke-allocation approach and directed interim distribution by a pooling method (the second pooling method advanced by Mrs Hubbard: return capital to investors with positive net cash in, then distribute surplus by a time-weighted compound interest formula), as it best balances fairness, reflects investor expectations, and is practicable and cost-effective.
13 Oct 2008

CLARK V LIBRA DEVELOPMENTS LIMITED AND ANOR CA CA390/2008

Citation

openlaw-b70eeadc_3f98_4518_aeb0_7772bd55cc2e.pdf
Court

Court of Appeal

The appeal was struck out because the issues the appellant sought to reargue were already finally determined by earlier judgments: the partnership's interest in the Cargill House project continued after the appellant's unilateral termination and extended to profits and shareholdings arising from the project (including the appellant's 50% interest in Cargill Hotel 2002 Ltd), so the appeal constituted an abuse of process and dismissal was appropriate.

New Zealand Case Law

SINGH v PORIZAKOVA [2022] NZHC 3249

WORLDCLEAR LIMITED v TI HOLDINGS LTD (IN LIQ [2019] NZHC 1246

MCLENNAN & ANOR as liquidators of Neil Timber Limited (in Liquidation) v LIVAJA & ORS [2016] NZHC 889

GOLDMAN & ORS v KIWI VISION LIMITED & ORS [2015] NZHC 240

FORRESTERS NOMINEE COMPANY LTD & HUBBARD CHURCHER TRUST MANAGEMENT LTD HC TIM CIV-2011-476-000642

CLARK V LIBRA DEVELOPMENTS LIMITED AND ANOR CA CA390/2008