RYMER V ANZ NATIONAL BANK LTD & ORS HC AK CIV 2009-404-004070

RYMER V ANZ NATIONAL BANK LTD & ORS HC AK CIV 2009-404-004070

The court was satisfied that the statutory prerequisites of s333 and s333(4) were met, that notice and voting procedures had been complied with and that the proposal was reasonable and calculated to benefit the general body of creditors; therefore the insolvents' proposal filed on 7 July 2009 was approved.

Citation
openlaw-3703a392_b7b5_4bb4_b91d_997715374f08.pdf
Parties
Insolvent: Clyde Francis Rymer; Insolvent: Rosemary Ann Rymer; Trustee: Christine Liggins; Creditor: ANZ National Bank Ltd; Creditor: General Electric International Inc; Creditor: American Express International (NZ) Inc; Creditor: ASB Bank Ltd; Creditor: EC Credit Control Ltd; Creditor: Farmers Finance Ltd
Court
High Court
Jurisdiction
New Zealand
Judgment Date
22 September 2009
Procedural Posture
Application Under Insolvency Act 2006 for Approval of Creditors' Compromise / Hearing for Approval Under S333; Oral Judgment
Outcome
Proposal approved under s333 of the Insolvency Act 2006
Legal Topics
Creditors' Compromise, Proposal Approval, Creditor Voting and Notice, Secured and Unsecured Debts
Insolvency Bankruptcy Commercial Law Civil Procedure Creditors' Compromise Proposal Approval Creditor Voting and Notice Secured and Unsecured Debts

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Parties

Clyde Francis Rymer

Insolvent

Rosemary Ann Rymer

Insolvent

Christine Liggins

Trustee

ANZ National Bank Ltd

Creditor

General Electric International Inc

Creditor

American Express International (NZ) Inc

Creditor

ASB Bank Ltd

Creditor

EC Credit Control Ltd

Creditor

Farmers Finance Ltd

Creditor

Procedural Posture

Application Under Insolvency Act 2006 for Approval of Creditors' Compromise / Hearing for Approval Under S333; Oral Judgment

Legal Issues

  1. 1 Whether statutory prerequisites under s333 of the Insolvency Act 2006 were satisfied
  2. 2 Whether notice and voting requirements for creditors were properly complied with
  3. 3 Whether the terms of the proposal were reasonable and beneficial to the general body of creditors

Ratio Decidendi

The court was satisfied that the statutory prerequisites of s333 and s333(4) were met, that notice and voting procedures had been complied with and that the proposal was reasonable and calculated to benefit the general body of creditors; therefore the insolvents' proposal filed on 7 July 2009 was approved.

Court Disposition

Proposal approved under s333 of the Insolvency Act 2006

Orders

  • The insolvents' proposal filed on 7 July 2009 is approved.