RICHARDS-MAYNARD AND MAYNARD HC AK CIV 2009-404-008191

RICHARDS-MAYNARD AND MAYNARD HC AK CIV 2009-404-008191

The Court approved the proposals because the trustee demonstrated compliance with the statutory procedures under the Insolvency Act 2006, the proposals were accepted by the requisite number and value of creditors, the terms are reasonable and beneficial to the general body of creditors (providing a 26 cent in the dollar return versus nil in bankruptcy), proper provision was made for trustee fees and meeting costs, and there were no objections.

Citation
openlaw-7bf83fbe_2134_4048_be2e_ab3d2b321555.pdf
Parties
Proposer (debtor): Andrea Lena Richards-Maynard; Proposer (debtor): Israel Maynard; Trustee: Peri Micaela Finnigan
Court
High Court
Jurisdiction
New Zealand
Judgment Date
9 March 2010
Procedural Posture
Insolvency Proposal Approval / Hearing (application for Approval Under S333)
Outcome
Applications for approval of proposals granted
Legal Topics
Proposal Approval, Creditors' Meeting, Subordination of Claims, Trustee Fees and Costs, Preferential Payment
Insolvency Law Proposal Approval Creditors' Meeting Subordination of Claims Trustee Fees and Costs Preferential Payment

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Parties

Andrea Lena Richards-Maynard

Proposer (debtor)

Israel Maynard

Proposer (debtor)

Peri Micaela Finnigan

Trustee

Procedural Posture

Insolvency Proposal Approval / Hearing (application for Approval Under S333)

Legal Issues

  1. 1 Whether statutory requirements under subpart 2 of Part 5 of the Insolvency Act 2006 have been complied with
  2. 2 Whether the proposals were accepted by the requisite number and value of creditors
  3. 3 Whether the terms of the proposals are reasonable and benefit the general body of creditors

Ratio Decidendi

The Court approved the proposals because the trustee demonstrated compliance with the statutory procedures under the Insolvency Act 2006, the proposals were accepted by the requisite number and value of creditors, the terms are reasonable and beneficial to the general body of creditors (providing a 26 cent in the dollar return versus nil in bankruptcy), proper provision was made for trustee fees and meeting costs, and there were no objections.

Court Disposition

Applications for approval of proposals granted

Orders

  • Orders as sought in the trustee's applications dated 16 February 2010