30 May 2007
The court found that the creditor class was properly constituted, the shortened notice was justified by overwhelming pre-approval and support, and the scheme was fair and likely to produce better recoveries than liquidation; accordingly the scheme was sanctioned in the terms of the draft order.
25 Mar 2002
The court sanctioned the scheme because the statutory conditions in s.166 were satisfied: a single class of unsecured creditors was properly constituted (Noteholders did not have distinct legal rights giving rise to a separate class), the court's directions were complied with, the required majority in number and value (17 of 19 creditors representing over 97% in value) voted in favour after proper explanation and bona fide, and the scheme was one an intelligent and honest creditor might reasonably approve given otherwise likely zero recovery and investor undertakings to proceed even if hive-d…