EDINGER V FINANCE NOW LTD & ORS HC AK CIV 2009-404-004062

EDINGER V FINANCE NOW LTD & ORS HC AK CIV 2009-404-004062

The court approved the insolvent's proposal under s333 because the insolvent filed a proposal with a verified statement, the proposed trustee gave the required notice, creditors (by postal vote) unanimously accepted the proposal and the terms were reasonable and calculated to benefit the general body of creditors.

Citation
openlaw-50cccc26_c876_4091_a3f4_fc5599fc0859.pdf
Parties
Insolvent: Andrew William Edinger; Creditors: Finance Now Ltd & Ors
Court
High Court
Jurisdiction
New Zealand
Judgment Date
22 September 2009
Procedural Posture
Application Under Insolvency Act 2006 (creditors' Compromise) / Approval Hearing / Oral Judgment
Outcome
Proposal approved under section 333 of the Insolvency Act 2006
Legal Topics
Part 5 Subpart 2 Proposal Approval, Section 333 Approval, Notice and Voting Requirements, Trustee's Report and Affidavit
Insolvency Bankruptcy Creditors' Compromise Part 5 Subpart 2 Proposal Approval Section 333 Approval Notice and Voting Requirements Trustee's Report and Affidavit

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Legal principles 3 Authorities cited 3 Party arguments 2 Amounts and remedies 6
Sign in to unlock

Parties

Andrew William Edinger

Insolvent

Finance Now Ltd & Ors

Creditors

Procedural Posture

Application Under Insolvency Act 2006 (creditors' Compromise) / Approval Hearing / Oral Judgment

Legal Issues

  1. 1 Whether statutory prerequisites under s333 of the Insolvency Act 2006 were satisfied
  2. 2 Whether the proposal is reasonable and calculated to benefit the general body of creditors
  3. 3 Whether notice and service requirements were met

Ratio Decidendi

The court approved the insolvent's proposal under s333 because the insolvent filed a proposal with a verified statement, the proposed trustee gave the required notice, creditors (by postal vote) unanimously accepted the proposal and the terms were reasonable and calculated to benefit the general body of creditors.

Court Disposition

Proposal approved under section 333 of the Insolvency Act 2006

Orders

  • The insolvent's proposal filed on 1 July 2009 is approved.