(New Zealand) A scheme was created for the construction of a major residential complex. The disappointed investors now claimed damages from the professional supervising ‘statutory’ trustees, after their money was lost. The minimum subscriptions had not been received, but the transaction proceeded.
Held: Despite the failings, the claimants had failed to show that the damages actually suffered flowed directly from the defendants’ failings. They might well have suffered the same loss without the errors.
Judges:
Lord Slynn of Hadley Lord Mustill Lord Scott of Foscote Sir Christopher Staughton Sir John Roch
Citations:
[2002] UKPC 4
Links:
PC, PC, Christchurch Pavilion ‘ target=’_n’>PC, Bailii, PC
Statutes:
Securities Act 1978 (New Zealand)
Jurisdiction:
England and Wales
Commonwealth, Financial Services, Professional Negligence
Updated: 16 September 2022; Ref: scu.167602