PRICE WATERHOUSE COOPER FINANCE V HRL CARTWRIGHT (ALSO KNOWN AS H JORONEN AND H SIMPSON) HC WN CIV-2012-485-2057

PRICE WATERHOUSE COOPER FINANCE V HRL CARTWRIGHT (ALSO KNOWN AS H JORONEN AND H SIMPSON) HC WN CIV-2012-485-2057

The court approved the creditors' proposal because the statutory procedures were complied with, the required majority of known creditors (six of seven holding 80.99% of indebtedness) voted in favour, and the terms—progressive payments over five years clearing approximately 81% of the total debt—were reasonable and beneficial to the general body of creditors, making it expedient to approve the proposal.

Citation
openlaw-8d6dafe0_20d7_493f_a675_346eeb7ce5ac.pdf
Parties
Creditor: PRICE WATERHOUSE COOPER FINANCE; Creditor: RADCLIFFE PROPERTIES LIMITED; Creditor: CREDIT SERVICES (NZ) LIMITED; Creditor: COLLECTION HOUSE (NZ) LIMITED; Creditor: MERCEDES-BENZ FINANCIAL SERVICES NEW ZEALAND LIMITED; Creditor: RETAIL FINANCIAL SERVICES LIMITED T/AS FARMERS FINANCE LIMITED; Creditor: Creditors (collective); Insolvent (applicant): HELEN REBECCA LOUISE CARTWRIGHT (ALSO KNOWN AS HELEN JORONEN AND HELEN SIMPSON)
Court
High Court
Jurisdiction
New Zealand
Judgment Date
26 November 2012
Procedural Posture
Insolvency Approval of Creditors' Proposal / Hearing on Application for Approval Under S333 Insolvency Act 2006
Outcome
Application granted; proposal approved
Legal Topics
Creditors' Proposal, Court Approval Under S333, Creditor Voting, Debt Repayment Plan
Insolvency Law Creditors' Proposal Court Approval Under S333 Creditor Voting Debt Repayment Plan

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Parties

PRICE WATERHOUSE COOPER FINANCE

Creditor

RADCLIFFE PROPERTIES LIMITED

Creditor

CREDIT SERVICES (NZ) LIMITED

Creditor

COLLECTION HOUSE (NZ) LIMITED

Creditor

MERCEDES-BENZ FINANCIAL SERVICES NEW ZEALAND LIMITED

Creditor

RETAIL FINANCIAL SERVICES LIMITED T/AS FARMERS FINANCE LIMITED

Creditor

Creditors (collective)

Creditor

HELEN REBECCA LOUISE CARTWRIGHT (ALSO KNOWN AS HELEN JORONEN AND HELEN SIMPSON)

Insolvent (applicant)

Procedural Posture

Insolvency Approval of Creditors' Proposal / Hearing on Application for Approval Under S333 Insolvency Act 2006

Legal Issues

  1. 1 Whether the statutory provisions of Part 5 Sub‑Part 2 of the Insolvency Act 2006 were complied with
  2. 2 Whether the required majority of known creditors voted in favour of the proposal
  3. 3 Whether the terms of the proposal are reasonable and benefit the general body of creditors

Ratio Decidendi

The court approved the creditors' proposal because the statutory procedures were complied with, the required majority of known creditors (six of seven holding 80.99% of indebtedness) voted in favour, and the terms—progressive payments over five years clearing approximately 81% of the total debt—were reasonable and beneficial to the general body of creditors, making it expedient to approve the proposal.

Court Disposition

Application granted; proposal approved

Orders

  • Order approving the applicant's Part 5 Sub‑Part 2 Insolvency Act 2006 proposal dated 26 September 2012