Counsel for the applicants in seeking orders for sale of a forestry right (with or without the underlying land) and division of the proceeds under the Property Law Act 2007. The case was heard in the Whangarei High Court. It was complicated by one of the shares in the forestry syndicate being owned by a person who had become bankrupt, and the Official Assignee disclaiming the share. The share was accordingly bona vacantia but was also the subject of various applications for orders vesting the property, claims and securities including caveats. As a result, 11 sets of respondents were involved and it was necessary to remove caveats and have detailed orders around the marketing and sale process as well as provide for rectification of unequal contributions which had been made over time. The Court granted the sale order and made payments directing the reimbursement of partners who had paid costs associated with the property. The proceeds relating to the disputed share were directed to be held in trust pending resolution of the claims regarding that interest.<\/p>\n","protected":false},"excerpt":{"rendered":"
Counsel for the applicants in seeking orders for sale of a forestry right (with or without the underlying land) and division of the proceeds under the Property Law Act 2007. The case was heard in the Whangarei High Court. It was complicated by one of the shares in the forestry syndicate being owned by a person who had become bankrupt, and the Official Assignee disclaiming the share. The share was accordingly bona […]<\/p>\n","protected":false},"author":2,"featured_media":0,"menu_order":59,"comment_status":"open","ping_status":"closed","template":"","format":"standard","meta":[],"portfolio_category":[459,451],"portfolio_skills":[371],"portfolio_tags":[434,428,432,472,431],"yoast_head":"\n