New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Trust account funds

Legal area

Court

16 Dec 2022

WESTPAC NEW ZEALAND LTD v NEW DAWN HOLDINGS LTD [2022] NZHC 3476

Citation

[2022] NZHC 3476
Court

High Court

The court granted leave to apply for leave to appeal out of time and granted leave to appeal because Westpac identified arguable errors of fact and law on a matter of significance (the status of loan funds in a solicitor's trust account and beneficial ownership), the delay was promptly remedied and caused by counsel error so was not inordinate or prejudicial, and the respondents consented; the earlier summary judgment was correctly declined at first instance because respondents had an arguable case that required trial.
27 Oct 2011

BRIDGEWAY PROJECTS LIMITED V WAIKORO LIMITED HC AK CIV 2011-404-004196

Citation

openlaw-ae8dd6db_d79d_44d4_b6a8_25678a45c273.pdf
Court

High Court

The Court (by consent) declared the proper construction of the 13 May 2008 undertaking: Bridgeway must provide a reconciliation of OPEX collected and OPEX expended for the period 1 April 2007 to 16 March 2008; if reconciliation shows all collected OPEX was expended Bridgeway is entitled to the $250,000 retention; if not, Bridgeway must account and any unexpended sum is payable to Waikoro from the retention; Waikoro is only entitled to a portion of the retention if collected OPEX exceeds expended OPEX; an implied term requires that consent to release not be arbitrarily withheld; interest follo…