TREVOR ARTHUR TIPLADY V ASB BANK LIMITED T/A THE NATIONAL BANK OF NEW ZEALAND AND WESTPAC NEW ZEALAND LIMITED HC AK CIV-2011-404-2097

TREVOR ARTHUR TIPLADY V ASB BANK LIMITED T/A THE NATIONAL BANK OF NEW ZEALAND AND WESTPAC NEW ZEALAND LIMITED HC AK CIV-2011-404-2097

The court approved the proposal because the statutory procedures were complied with, the proposal was accepted by the requisite majority in number and value, the terms were reasonable and calculated to benefit the general body of creditors, proper provision was made for trustee fees and meeting costs, and there was no opposition or public interest reason to refuse approval.

Citation
openlaw-5f6c7609_14d2_4a30_9b76_c8b83ef73715.pdf
Parties
Insolvent: Trevor Arthur Tiplady; Creditor: ASB Bank Limited t/a The National Bank of New Zealand; Creditor: Westpac New Zealand Limited; Trustee/applicant: Christine Liggins
Court
High Court
Jurisdiction
New Zealand
Judgment Date
14 June 2011
Procedural Posture
Insolvency / Bankruptcy — Approval of Proposal Under Insolvency Act 2006 / Application for Court Approval of Creditors' Proposal (s33) — Hearing and Oral Judgment 14 June 2011
Outcome
Proposal approved pursuant to s33 Insolvency Act 2006.
Legal Topics
Proposal Approval, Creditor Voting, Trustee's Fees and Expenses, Statutory Compliance, Distribution to Creditors
Insolvency Bankruptcy Civil Procedure Proposal Approval Creditor Voting Trustee's Fees and Expenses Statutory Compliance Distribution to Creditors

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Parties

Trevor Arthur Tiplady

Insolvent

ASB Bank Limited t/a The National Bank of New Zealand

Creditor

Westpac New Zealand Limited

Creditor

Christine Liggins

Trustee/applicant

Procedural Posture

Insolvency / Bankruptcy — Approval of Proposal Under Insolvency Act 2006 / Application for Court Approval of Creditors' Proposal (s33) — Hearing and Oral Judgment 14 June 2011

Legal Issues

  1. 1 Whether statutory requirements for a proposal under the Insolvency Act 2006 were met
  2. 2 Whether the proposal was accepted by the requisite majority in number and value
  3. 3 Whether the terms of the proposal were reasonable and calculated to benefit the general body of creditors

Ratio Decidendi

The court approved the proposal because the statutory procedures were complied with, the proposal was accepted by the requisite majority in number and value, the terms were reasonable and calculated to benefit the general body of creditors, proper provision was made for trustee fees and meeting costs, and there was no opposition or public interest reason to refuse approval.

Court Disposition

Proposal approved pursuant to s33 Insolvency Act 2006.

Orders

  • Order approving the proposal as sought in the trustee's application dated 20 May 2010.
  • Trustee authorised to implement the proposal, to pay trustee fees and expenses and creditors' meeting costs prior to distribution, and to distribute funds on the proposed quarterly basis.