RE ALGIE HC DUN CIV 2012-412-000089

RE ALGIE HC DUN CIV 2012-412-000089

The statutory requirements of Part 5 Subpart 2 (including ss 327, 330, 331) were met, the creditors accepted the proposal by the required majorities, no objections were presented, and the Court found the proposal reasonable and expedient; therefore the Court must approve the proposal under s 333.

Citation
openlaw-170e115b_cc87_4dc0_a33e_bb77cd873622.pdf
Parties
Insolvent: Kenneth Keith Algie; Proposed Trustee: Barry Vernon O'Donnell; Creditors: Creditors
Court
High Court
Jurisdiction
New Zealand
Judgment Date
6 March 2012
Procedural Posture
Approval of Insolvency Proposal Under Insolvency Act 2006 / Application for Court Approval After Creditors Accepted Proposal
Outcome
Application for approval of the proposal granted
Legal Topics
Proposal Approval Under Part 5 Subpart 2, Creditors' Meeting and Voting Majorities, Trustee Duties, Reasonableness and Expediency Review
Insolvency Civil Procedure Proposal Approval Under Part 5 Subpart 2 Creditors' Meeting and Voting Majorities Trustee Duties Reasonableness and Expediency Review

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Parties

Kenneth Keith Algie

Insolvent

Barry Vernon O'Donnell

Proposed Trustee

Creditors

Creditors

Procedural Posture

Approval of Insolvency Proposal Under Insolvency Act 2006 / Application for Court Approval After Creditors Accepted Proposal

Legal Issues

  1. 1 Whether statutory requirements for filing and creditors' meeting were complied with (ss 327, 330, 331)
  2. 2 Whether Court should approve proposal under s 333(3) (reasonableness, benefit to general body of creditors, expediency)
  3. 3 Adequacy of returns to creditors and commercial realism

Ratio Decidendi

The statutory requirements of Part 5 Subpart 2 (including ss 327, 330, 331) were met, the creditors accepted the proposal by the required majorities, no objections were presented, and the Court found the proposal reasonable and expedient; therefore the Court must approve the proposal under s 333.

Court Disposition

Application for approval of the proposal granted

Orders

  • Application for approval of the proposal granted