Financial Markets Authority v Hotchin - [2014] 3 NZLR 655

Equity — Equitable remedies — Whether equitable contribution from third parties available — Whether co-ordinate liability between parties — Whether directors’ liability for damage or loss also third parties’ liability.

Practice and procedure — Striking out proceedings — Seeking contributions from third parties if liable to pay compensation — Whether third party contribution available — Whether co-ordinate liability between parties — Whether directors’ liability for damage also third parties’ liability — Whether third parties’ liability for losses also directors’ liability — Whether claims for contribution untenable — Whether obligation to indemnify third parties — Securities Act 1978, s 55G.

Tort — Duty of care — Whether third parties breached duty to depositors — Whether third parties owed duties as alleged — Securities Regulations 2009.

Trusts and trustees — Liabilities of trustees — Whether liable to contribute to compensation — Whether breach of duty as alleged — Whether co-ordinate liability between parties — Whether parties shared same damage or same loss — Securities Act 1978, s 55G.