Kea Investments Limited v Wikeley

[2025] NZSC 156

IN THE SUPREME COURT OF NEW ZEALAND

I TE KŌTI MANA NUI O AOTEAROA

 SC 127/2024
 [2025] NZSC 156

BETWEEN	KEA INVESTMENTS LIMITED Appellant
AND	KENNETH DAVID WIKELEY First Respondent WIKELEY FAMILY TRUSTEE LIMITED (IN INTERIM LIQUIDATION) Second Respondent ERIC JOHN WATSON Third Respondent WIKELEY INCORPORATED Fourth Respondent USA ASSET HOLDINGS INCORPORATED Fifth Respondent

Hearing:	5–6 November 2025
Court:	Winkelmann CJ, Glazebrook, Williams, Kós and Miller JJ
Counsel:	J B M Smith KC, M C Harris, J L W Wass and S T Coupe for Appellant First Respondent in person M D Arthur and J Marcetic for interim liquidators of Second Respondent No appearance for Third, Fourth and Fifth Respondents A E Kirk as counsel assisting the Court
Judgment:	10 November 2025

JUDGMENT OF THE COURT

AThe appeal from the decision of the Court of Appeal in Wikeley v Kea Investments Ltd [2024] NZCA 609, [2024] 3 NZLR 901 is allowed.

BThe orders made by the High Court in Kea Investments Ltd v Wikeley Family Trustee Ltd (in interim liq) [2023] NZHC 3260 at [156(a)(i)–‍(iv)], and in Kea Investments Ltd v Wikeley Family Trustee Ltd (in interim liq) [2023] NZHC 3532 at [7], are reinstated.

CCosts are reserved.

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REASONS

1. We deliver this result judgment now, having regard to the existence of live proceedings before the New Zealand High Court, the United States Bankruptcy Court for the Eastern District of Kentucky, and the Kentucky Court of Appeals.

2. For the avoidance of doubt, we record that the New Zealand Court of Appeal did not disturb the High Court’s findings that the Coal Agreement was fraudulent and void (by reason of being a forgery), that the default judgment obtained by the second respondent in the Fayette Circuit Court (Kentucky) was obtained by fraud, and that the purported assignments of the Coal Agreement and default judgment were void.[1]  We record also that this Court denied leave to Mr Wikeley to challenge these findings.[2]

   [1]Kea Investments Ltd v Wikeley Family Trustee Ltd (in interim liq) [2023] NZHC 3260 (Gault J) at [110]–‍[116] and [156(b)(i)–(iv)]; and Wikeley v Kea Investments Ltd [2024] NZCA 609, [2024] 3 NZLR 901 (Courtney, Muir and Cull JJ) at [134]–[146] and [211(d)].

   [2]Wikeley v Kea Investments Ltd [2025] NZSC 76 (Winkelmann CJ, Williams and Miller JJ).

3. Reasons are to follow.  Those reasons will also determine costs in the appeal.

Solicitors:
Gilbert Walker, Auckland for Appellant
Chapman Tripp, Auckland for interim liquidators of Second Respondent