Re A V Stevenson [2015] NZHC 2528

Re A V Stevenson [2015] NZHC 2528

The Court approved the proposal because the statutory procedures under ss 327, 330–331 were complied with, the proposal was accepted by the required creditor majorities, the terms were reasonable and calculated to benefit the general body of creditors, and there was no expediency ground under s 333(3) to refuse approval.

Citation
[2015] NZHC 2528
Parties
Insolvent: Andrew Vincent Stevenson; Trustee: Andrew Marchel Oorschot; Related Company: K Fowler Homes (Nelson) Limited
Court
High Court
Jurisdiction
New Zealand
Judgment Date
14 October 2015
Procedural Posture
Application for Approval of Proposal Under Part 5 of the Insolvency Act 2006 / Court Hearing for Approval of Proposal (post‑creditor Acceptance)
Outcome
Application granted; proposal approved
Legal Topics
Proposal Approval, Creditor Voting and Majorities, Statutory Compliance, Expediency of Proposals
Insolvency Companies Law Civil Procedure Proposal Approval Creditor Voting and Majorities Statutory Compliance Expediency of Proposals

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Parties

Andrew Vincent Stevenson

Insolvent

Andrew Marchel Oorschot

Trustee

K Fowler Homes (Nelson) Limited

Related Company

Procedural Posture

Application for Approval of Proposal Under Part 5 of the Insolvency Act 2006 / Court Hearing for Approval of Proposal (post‑creditor Acceptance)

Legal Issues

  1. 1 Whether the statutory requirements for proposing and voting on an insolvency proposal were complied with
  2. 2 Whether the terms of the proposal are unreasonable or not calculated to benefit the general body of creditors (s 333(3)(b))
  3. 3 Whether it is inexpedient to approve the proposal for any reason (s 333(3)(c))

Ratio Decidendi

The Court approved the proposal because the statutory procedures under ss 327, 330–331 were complied with, the proposal was accepted by the required creditor majorities, the terms were reasonable and calculated to benefit the general body of creditors, and there was no expediency ground under s 333(3) to refuse approval.

Court Disposition

Application granted; proposal approved

Orders

  • Application for approval of the proposal granted
  • Proposal of Andrew Vincent Stevenson approved under s 333 Insolvency Act 2006