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Court of Appeal Wellington
CA508/2009 & 29/2010; [2010] NZCA 509
7, 8 September; 12 November 2010
Hammond, Ellen France and Panckhurst JJ
CA508/2009 & 29/2010; [2010] NZCA 509
7, 8 September; 12 November 2010
Hammond, Ellen France and Panckhurst JJ
Company law — Liquidation — Insider transaction — Inadequate consideration — Disposition of trading profits to beneficial owners — Companies Act 1993, s 298.
Company law — Directors — Fiduciary duties — Distribution of trading profits to trust — Insiders’ transactions — Creditors' notice — Liability of directors — Companies Act 1993, ss 131, 133, 135, 137, 298 and 301.
Trusts and trustees — Express trust — Conduct giving rise to declaration of trust — Corporate trustee — No formal resolution declaring trust.