Mr and Ms Moncur were the sole directors and effective owners of Monocrane NZ (Monocrane). Following their separation, they entered into a relationship property agreement under which Mr Moncur assumed full ownership and control of Monocrane, including agreeing to assume sole responsibility for the overdrawn shareholders' current account. In return, Ms Moncur agreed to resign her directorship, transfer her shares to Mr Moncur and pay various joint debts.
Mr Moncur subsequently placed Monocrane into liquidation and appointed Damien Grant and Steven Khov as liquidators. The liquidators issued proceedings against Ms Moncur for recovery of the full amount outstanding under the shareholders' current account. The liquidators' claim was rejected in both the High Court and the Court of Appeal. In Monocrane NZ Ltd (In Liq) v Moncur  NZCA 139, the Court of Appeal held that Monocrane was estopped from denying that it was bound by the relationship property agreement, given its knowledge of the agreement, its close association with Mr Moncur and the benefits that it received under the agreement.
See Court decision here.