Ex-wife takes $8m restraint of trade fight to top court

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

A husband and wife battle over an $8 million restraint of trade payout has made its way to this nation’s top court.

In a brief Supreme Court judgment released today, Chief Justice Sian Elias, Justice Susan Glazebrook and Justice Terence Arnold granted leave for Christine Thompson to appeal a case against her former husband. (see the judgment attached)

Following their break-up Nutra-Life Care and Fitness owners Christine and Michael Thompson had agreed on division of most of their assets, including $36 million each for the sale of their business.

However, the former flames – who have five adult children – have been through the courts battling over the $8 million restraint of trade payment given to Mr Thompson upon the sale of the supplements company.

The top court will decide whether the Court of Appeal was right to find the money given for the restraint of trade was not relationship property.

The Court of Appeal decision reinstated an earlier decision of the Family Court in favour of Mr Thompson.

Mr Thompson bought Nutra-Life Health and Fitness, started by two young Australian body builders turned businessmen, in 1984.

He established it as a New Zealand-based company and under his direction it started exporting its sports nutrition products internationally.

An associated company later bought the Kordel’s brand of vitamins and supplements.

vyoung@nbr.co.nz


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7294 0.0000 0.00%
AUD 0.9338 0.0000 0.00%
EUR 0.6616 0.0000 0.00%
GBP 0.4711 0.0000 0.00%
HKD 5.6661 0.0000 0.00%
JPY 88.7080 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1204.0 -2.050 2015-05-22T00:
Oil Brent 65.9 -1.130 2015-05-22T00:
Oil Nymex 59.7 -1.040 2015-05-22T00:
Silver Index 17.0 -0.080 2015-05-22T00:

Indices

Symbol Open High Last %
NZX 50 5769.3 5785.2 5769.3 0.12%
NASDAQ 5085.4 5103.8 5090.8 -0.03%
DAX 11881.5 11881.8 11864.6 -0.42%
DJI 18286.9 18286.9 18285.7 -0.29%
FTSE 7013.5 7061.7 7013.5 0.26%
HKSE 27723.7 28041.3 27523.7 1.70%
NI225 20208.8 20278.3 20202.9 0.30%