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On 9 December 2011, the New Zealand High Court held in Ruscoe v Canterbury Policy Holders HC WN CIV 2011-485-1535 that a charge under section 9(1) of the Law Reform Act 1936 (the LRA) applied so as to give Canterbury first charge over the proceeds of reinsurance
The global financial crisis has led to many claims being made on financial advisers by investors who have suffered losses as a result of a decrease in the value of their investments
In this case it was held that a direct claim by the victim of the assured's negligence against the insurers of the insolvent assured was tortious and not contractual in nature
