With trustees of Oldfield Family Trust estranged and deadlocked, the High Court removed husband and wife appointing New Zealand Guardian Trust as trustee in their place.
Hamilton-based Oldfield Trust owns substantial assets: a home in Lakeview Crescent; a holiday home in Raglan; a controlling interest in Demolition Traders Ltd and some $1.3 million in cash. Spouses: Dorothy and David Oldfield are trustees. They separated in in 2015, after 44 years together. The High Court was told their relationship has become increasingly acrimonious and unpleasant. David occupies the Lakeview home rent free; Dorothy has been lodging with their daughter. Dorothy alleges her husband is obstructing attempts to release trust assets for use by other members of the family. Trust resolutions require agreement of both. Board appointments to Demolition Traders similarly require mutual agreement. Mediation was unsuccessful. They are deadlocked.
Four years after they separated and with a Family Court relationship property hearing over six months away, Dorothy sought High Court assistance to free up Trust assets.
Justice van Bohemen removed both as trustees of their family trust, appointing NZ Guardian Trust as sole trustee. The fundamental breakdown of trust between the two meant neither could be relied on to act impartially, he said. NZ Guardian Trust was instructed to use the Trust’s free cash to buy a replacement home for Mrs Oldfield and to advance trust money to each of them to meet outstanding debts.
Oldfield v. Oldfield – High Court (19.03.19)
19.059