MENZIES v AMERICAN EXPRESS INTERNATIONAL (NZ) INC [2020] NZHC 2858

MENZIES v AMERICAN EXPRESS INTERNATIONAL (NZ) INC [2020] NZHC 2858

The Proposal is approved because it was in the prescribed form, properly notified, the provisional trustee's report complied with the Regulations, the required majority in number and three quarters in value voted in favour, and the Proposal is not unreasonable and benefits the general body of creditors under s333(3).

Citation
[2020] NZHC 2858
Parties
Insolvent: Ryan Menzies; Creditor: American Express International (NZ) Inc; Creditor: ANZ Bank Limited; Creditor: Flexicards Limited trading as Farmers Card; Creditor: Flexi Cards Limited trading as Q Card; Creditor: Flxi Cards Ltd trading as FlightCentre; Creditor: Harmoney Limited; Creditor: WalletWizard
Court
High Court
Jurisdiction
New Zealand
Judgment Date
30 October 2020
Procedural Posture
Insolvency Act 2006 Proposal Approval / Approval Hearing After Creditors' Meeting and Trustee Report
Outcome
The creditors' Proposal of Ryan Menzies made 3 July 2020 and filed on 15 July 2020 is approved.
Legal Topics
Proposal Under Part 5, Creditors' Meeting, Approval of Proposal, Trustee's Report Compliance
Insolvency Law Civil Procedure Proposal Under Part 5 Creditors' Meeting Approval of Proposal Trustee's Report Compliance

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Parties

Ryan Menzies

Insolvent

American Express International (NZ) Inc

Creditor

ANZ Bank Limited

Creditor

Flexicards Limited trading as Farmers Card

Creditor

Flexi Cards Limited trading as Q Card

Creditor

Flxi Cards Ltd trading as FlightCentre

Creditor

Harmoney Limited

Creditor

WalletWizard

Creditor

Procedural Posture

Insolvency Act 2006 Proposal Approval / Approval Hearing After Creditors' Meeting and Trustee Report

Legal Issues

  1. 1 Whether the creditors' proposal should be approved under the Insolvency Act (s333(3))
  2. 2 Whether the proposal and trustee's report complied with statutory form and regulations
  3. 3 Whether the procedural requirements for notice and the creditors' meeting were met

Ratio Decidendi

The Proposal is approved because it was in the prescribed form, properly notified, the provisional trustee's report complied with the Regulations, the required majority in number and three quarters in value voted in favour, and the Proposal is not unreasonable and benefits the general body of creditors under s333(3).

Court Disposition

The creditors' Proposal of Ryan Menzies made 3 July 2020 and filed on 15 July 2020 is approved.

Orders

  • The creditors' Proposal of Ryan Menzies made 3 July 2020 and filed on 15 July 2020 is approved.