OTTOW HC AK CIV 2009-404-007851

OTTOW HC AK CIV 2009-404-007851

The Court approved the proposal because the trustees' report showed statutory notice and voting requirements under s333 were satisfied, the proposal is calculated to benefit the general body of creditors compared with the likely outcome of bankruptcy, proper provision had been made for preferential debts and costs as required by s333(4), and there were no objections or reasons to refuse approval.

Citation
openlaw-db115608_3679_4498_b465_ca2b83ba9568.pdf
Parties
Insolvent/proposer: Hans Peter Ottow; Trustee: Damien Grant; Trustee: Stephen Khov
Court
High Court
Jurisdiction
New Zealand
Judgment Date
9 March 2010
Procedural Posture
Insolvency — Proposal Approval / Application for Approval Under S333 (hearing)
Outcome
Proposal approved pursuant to s333 of the Insolvency Act 2006
Legal Topics
Proposal Approval, Trustee Report, Preferential Debts, Creditors' Meeting, Asset Realisation
Insolvency Bankruptcy Civil Procedure Proposal Approval Trustee Report Preferential Debts Creditors' Meeting Asset Realisation

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Parties

Hans Peter Ottow

Insolvent/proposer

Damien Grant

Trustee

Stephen Khov

Trustee

Procedural Posture

Insolvency — Proposal Approval / Application for Approval Under S333 (hearing)

Legal Issues

  1. 1 Whether the proposal meets statutory requirements under Part 5 Subpart 2 and s333 of the Insolvency Act 2006
  2. 2 Whether the proposal was accepted by the requisite number and value of creditors
  3. 3 Whether the proposal is advantageous to creditors compared with bankruptcy

Ratio Decidendi

The Court approved the proposal because the trustees' report showed statutory notice and voting requirements under s333 were satisfied, the proposal is calculated to benefit the general body of creditors compared with the likely outcome of bankruptcy, proper provision had been made for preferential debts and costs as required by s333(4), and there were no objections or reasons to refuse approval.

Court Disposition

Proposal approved pursuant to s333 of the Insolvency Act 2006

Orders

  • Order approving the proposal as sought in the trustees' application dated 9 February 2010