HAVENLEIGH GLOBAL SERVICES LIMITED AND ANOR V HENDERSON HC CHCH CIV-2010-409-000559

HAVENLEIGH GLOBAL SERVICES LIMITED AND ANOR V HENDERSON HC CHCH CIV-2010-409-000559

Adjournment was refused and adjudication ordered because the outline proposal was unlikely to obtain the statutory majority by value and there was no reliable evidence that secured creditor realisations would alter that position; neither a halt under s42 nor a suspension under s416 was justified given creditors' and...

Source-derived case information.

Citation
openlaw-e268f19e_8585_45c6_a3bb_6c3a053984c7.pdf
Parties
Applicant (judgment Creditor): Havenleigh Global Services Limited; Applicant (judgment Creditor in Receivership): FM Custodians Limited (in receivership); Applicant (creditor): Allied Farmers Investments Limited; Respondent (judgment Debtor): David Ian Henderson; Creditor in Support: South Canterbury Finance (in receivership); Creditor in Support: BNZ; Creditor in Support: Equitable Property Finance Limited; Creditor in Support: DB Breweries Limited; Creditor in Support: Strategic Finance Ltd (in receivership); Creditor in Support: Lombard Finance Investments Ltd (in receivership)
Court
High Court
Jurisdiction
New Zealand
Judgment Date
29 November 2010
Procedural Posture
Adjudication Under Insolvency Act 2006 (bankruptcy) / Hearing and Oral Judgment (adjudication Ordered)
Outcome
Order adjudicating David Ian Henderson as bankrupt (adjudication made)
Legal Topics
Adjudication, Part 5 Proposals (composition), Adjournment for Proposal, Suspension of Adjudication (s416), Halt of Proceedings (s42), Secured Creditor Voting
Insolvency Bankruptcy Creditor Enforcement Adjudication Part 5 Proposals (composition) Adjournment for Proposal Suspension of Adjudication (s416) Halt of Proceedings (s42) +1 more

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Parties

Havenleigh Global Services Limited

Applicant (judgment Creditor)

FM Custodians Limited (in receivership)

Applicant (judgment Creditor in Receivership)

Allied Farmers Investments Limited

Applicant (creditor)

David Ian Henderson

Respondent (judgment Debtor)

South Canterbury Finance (in receivership)

Creditor in Support

BNZ

Creditor in Support

Equitable Property Finance Limited

Creditor in Support

DB Breweries Limited

Creditor in Support

Strategic Finance Ltd (in receivership)

Creditor in Support

Lombard Finance Investments Ltd (in receivership)

Creditor in Support

Procedural Posture

Adjudication Under Insolvency Act 2006 (bankruptcy) / Hearing and Oral Judgment (adjudication Ordered)

Legal Issues

  1. 1 Whether the Court should adjourn adjudication to allow a Part 5 proposal
  2. 2 Whether the proposal had realistic prospect of obtaining requisite majority support (s331(3))
  3. 3 Whether to exercise discretion to halt proceedings under s42

Ratio Decidendi

Adjournment was refused and adjudication ordered because the outline proposal was unlikely to obtain the statutory majority by value and there was no reliable evidence that secured creditor realisations would alter that position; neither a halt under s42 nor a suspension under s416 was justified given creditors' and public interest and the duration of proceedings.

Court Disposition

Order adjudicating David Ian Henderson as bankrupt (adjudication made)

Orders

  • Order adjudicating David Ian Henderson effective 4.44 p.m. on 29 November 2010 (on Havenleigh Global Services Limited's application)
  • Formal dismissal of applications of FM Custodians Limited (in receivership) and Allied Farmers Investments Limited as unnecessary