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 0.7174 -0.0004 -0.06%
AUD 0.9329 0.0002 0.02%
EUR 0.6801 -0.0004 -0.06%
GBP 0.5763 -0.0001 -0.02%
HKD 5.5667 -0.0036 -0.06%
JPY 81.3250 -0.0960 -0.12%

Commods

Commodity Price Change Time
Gold Index 1237.4 1.710 2017-02-22T00:
Oil Brent 55.9 -0.820 2017-02-22T00:
Oil Nymex 53.6 -0.760 2017-02-22T00:
Silver Index 17.9 -0.050 2017-02-22T00:

Indices

Symbol Open High Last %
NZX 50 7062.5 7100.8 7062.5 0.38%
NASDAQ 5857.6 5864.4 5865.9 -0.09%
DAX 11989.7 12031.1 11967.5 0.26%
DJI 20715.4 20781.6 20743.0 0.16%
FTSE 7274.8 7314.3 7274.8 0.38%
HKSE 24122.2 24216.5 24202.0 -0.48%
NI225 19379.9 19379.9 19379.9 -0.27%
ASX 5805.1 5805.1 5805.1 -0.25%