23 Mar 2023
GJ HOLDING TRUSTEE LTD v FRITH [2023] NZHC 563
- Citation
- [2023] NZHC 563
- Court
- High Court
The defendant's sale of Sealord's properties to Finesse without consulting the beneficiary and at an undervalue constituted oppressive, unfairly discriminatory or unfairly prejudicial conduct under s174 of the Companies Act 1993; the properties' open market value in July 2020 was assessed at NZD 1,875,000 and damages to the beneficiary for his share of lost profit were fixed at NZD 24,000; the trustee claim failed because the trust instrument did not impose a duty to preserve share value beyond holding the shares and appointing a director on request.