Public access to court documents that reveal the financial position of former Fay Richwhite executive Bill Birnie and his company Birnie Capital Property Partnership is important for open justice, a High Court judge has ruled.
BCPP is being sued by directors and shareholders Allen Peters and Bernard Quinn, who areclaiming $19 million.
Birnie's lawyer Michael Reed, QC, tried to suppress court documents that show his reduced net worth and that of BCPP and other related companies.
But Peters' lawyer Zane Kennedy said the content was a matter of public interest.
Any member of the public thinking of investing with Birnie or his companies and related entities should be made aware of his financial position.
Sensitive details of Birnie's financial position and his dealings with the BNZ were suppressed by confidentiality orders for two days during last week's hearing.
Last Friday, High Court Judge Raynor Asher lifted all suppression orders, bar two paragraphs in court documents that referred to irrelevant third parties.
In his judgment, Justice Asher said: "The process of justice should be transparent, and the decision-maker accountable."
In this situation the public's right to know outweighed any individual's privacy.
Justice Asher said it was made clear during the hearing that because of Birnie's asset position further proceedings would be pointless and that he would not be in a position to pay damages awarded.
Reed said that because of this there was no likelihood of success in the proceedings and the money Peters and Quinn were seeking would not be recovered.
Birnie told the Herald last week he was not broke but was not worth the $100 million the National Business Review estimated his net worth at.
He blamed the global financial crisis and the fluctuating cost of coastal property for wiping millions off his and his companies' bottom line.
Justice Asher reserved his decision on whether Peters and Quinn have a claim to regain the $19 million.
The money related to the sale and purchase agreements of Lion Rock Golf Course, an interest of BCPP's.
