CHARLIE AGI v ANZ BANK LIMITED [2020] NZHC 1023

CHARLIE AGI v ANZ BANK LIMITED [2020] NZHC 1023

The Court approved the proposal because it was lodged in the prescribed form, proper notice was given to creditors, a majority in number and over 75% in value of voting creditors approved it, and no grounds under s 333(3) were shown to refuse approval; a single dissenting creditor did not oppose the application and procedural defects noted did not invalidate the application.

Citation
[2020] NZHC 1023
Parties
Insolvent: Charlie Agi; Creditor: ANZ Bank Limited; Creditor: Bank of New Zealand Harmony Limited; Creditor: Latitude Financial Services Limited; Creditor: Westpac New Zealand Limited
Court
High Court
Jurisdiction
New Zealand
Judgment Date
18 May 2020
Procedural Posture
Insolvency Proposal Under Insolvency Act 2006 / Application for Approval of Proposal (hearing)
Outcome
Order approving the proposal by Charlie Agi under Part 5, subpart 2 of the Insolvency Act 2006
Legal Topics
Proposal Approval, Creditor Voting and Turnout, Compliance With Prescribed Form and Notice, Court Discretion Under S 333(3)
Insolvency Law Bankruptcy Civil Procedure Proposal Approval Creditor Voting and Turnout Compliance With Prescribed Form and Notice Court Discretion Under S 333(3)

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Parties

Charlie Agi

Insolvent

ANZ Bank Limited

Creditor

Bank of New Zealand Harmony Limited

Creditor

Latitude Financial Services Limited

Creditor

Westpac New Zealand Limited

Creditor

Procedural Posture

Insolvency Proposal Under Insolvency Act 2006 / Application for Approval of Proposal (hearing)

Legal Issues

  1. 1 Whether the proposal complied with s 327 prescribed form and statement of assets
  2. 2 Whether proper notice of the proposal and application was given to creditors
  3. 3 Whether a majority in number and over 75% in value of creditors approved the proposal

Ratio Decidendi

The Court approved the proposal because it was lodged in the prescribed form, proper notice was given to creditors, a majority in number and over 75% in value of voting creditors approved it, and no grounds under s 333(3) were shown to refuse approval; a single dissenting creditor did not oppose the application and procedural defects noted did not invalidate the application.

Court Disposition

Order approving the proposal by Charlie Agi under Part 5, subpart 2 of the Insolvency Act 2006

Orders

  • Order approving the proposal lodged with the Court on 9 October 2019 under Part 5, subpart 2 of the Insolvency Act 2006