FLORES v ANZ BANK NEW ZEALAND LIMITED [2022] NZHC 294

FLORES v ANZ BANK NEW ZEALAND LIMITED [2022] NZHC 294

The court approved the proposal because all creditors were given notice and confirmed receipt, a majority in number and over 75% in value of voting creditors accepted the proposal, the proposal complied with s 327 requirements, it provided a return of over 50 cents in the dollar, and no grounds under s 333(3) were apparent or oppositions were raised.

Citation
[2022] NZHC 294
Parties
Insolvent: Roderick Flores; Provisional Trustee: Provisional Trustee; Creditor: ANZ Bank New Zealand Limited; Creditor: Eagle M.A.N. Group Limited; Creditor: Finance Now Limited; Creditor: Latitude Financial Services Limited; Creditor: The Co-operative Bank Limited
Court
High Court
Jurisdiction
New Zealand
Judgment Date
25 February 2022
Procedural Posture
Insolvency Proposal Approval / Application for Court Approval of Creditor Approved Proposal
Outcome
Proposal approved
Legal Topics
Proposal Approval Under Part 5, Section 327 Prescribed Form and Statement of Assets, Section 333(3) Grounds for Refusal, Creditor Voting and Majority Thresholds, Service and Notice Requirements
Insolvency Law Civil Procedure Proposal Approval Under Part 5 Section 327 Prescribed Form and Statement of Assets Section 333(3) Grounds for Refusal Creditor Voting and Majority Thresholds Service and Notice Requirements

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 1 Amounts and remedies 4
Sign in to unlock

Parties

Roderick Flores

Insolvent

Provisional Trustee

Provisional Trustee

ANZ Bank New Zealand Limited

Creditor

Eagle M.A.N. Group Limited

Creditor

Finance Now Limited

Creditor

Latitude Financial Services Limited

Creditor

The Co-operative Bank Limited

Creditor

Procedural Posture

Insolvency Proposal Approval / Application for Court Approval of Creditor Approved Proposal

Legal Issues

  1. 1 Whether creditors were given proper notice of the proposal and court application
  2. 2 Whether the proposal complied with s 327 requirements (prescribed form and statement of assets)
  3. 3 Whether any ground for refusing approval under s 333(3) of the Insolvency Act 2006 applies

Ratio Decidendi

The court approved the proposal because all creditors were given notice and confirmed receipt, a majority in number and over 75% in value of voting creditors accepted the proposal, the proposal complied with s 327 requirements, it provided a return of over 50 cents in the dollar, and no grounds under s 333(3) were apparent or oppositions were raised.

Court Disposition

Proposal approved

Orders

  • Order approving the proposal by Roderick Flores under Part 5, sub‑part 2 of the Insolvency Act 2006 lodged with the Court on 22 May 2021.