The Estate Trustee of a deceased shareholder sought oppression remedy relief and alleged breach of natural justice regarding the valuation of the deceased's 50% shareholding in a steel fabrication company.
The valuation was conducted by a professional valuator (Crowe) pursuant to a shareholders agreement.
The Estate Trustee challenged the valuation methodology, claiming the respondent director provided inaccurate and self-serving information regarding holdback amounts, related party expenses, and goodwill attribution.
The Estate Trustee also claimed it should have been involved in the valuation process.
The court dismissed the application, finding no oppression and holding that natural justice principles do not apply to expert determinations under commercial contracts.
