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

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 0.7241 0.0000 0.00%
AUD 0.9500 0.0000 0.00%
EUR 0.6450 0.0000 0.00%
GBP 0.5585 0.0000 0.00%
HKD 5.6173 0.0000 0.00%
JPY 73.0760 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1337.5 1.600 2016-09-23T00:
Oil Brent 46.5 -1.730 2016-09-23T00:
Oil Nymex 44.5 -1.790 2016-09-23T00:
Silver Index 19.8 -0.290 2016-09-23T00:

Indices

Symbol Open High Last %
NZX 50 7311.7 7328.2 7311.7 -0.20%
NASDAQ 5327.4 5329.7 5339.5 -0.63%
DAX 10662.5 10675.6 10674.2 -0.44%
DJI 18377.4 18383.8 18392.5 -0.71%
FTSE 6911.4 6920.2 6911.4 -0.03%
HKSE 23836.6 23846.7 23759.8 -0.31%
NI225 16759.8 16808.6 16807.6 -0.32%
ASX 5374.5 5434.3 5374.5 1.06%