MCDONALD HC AK CIV 2010-404-004496

MCDONALD HC AK CIV 2010-404-004496

The Court was satisfied the statutory requirements were met, the proposal was accepted by the requisite majority, the terms were reasonable and beneficial to creditors, trustee's fees and meeting costs were provided for, and there was no reason to consider it inexpedient to approve; accordingly the proposal was approved under s333 of the Insolvency Act 2006.

Citation
openlaw-52313e5e_1504_4326_8647_b4239a2201d3.pdf
Parties
Insolvent/proposer: Mark Stuart MacDonald; Trustee Applicant: Gareth Hoole; Creditor: Westpac Banking Corporation
Court
High Court
Jurisdiction
New Zealand
Judgment Date
2 November 2010
Procedural Posture
Proposal Approval Under Insolvency Act 2006 / Application for Court Approval (s333 Hearing)
Outcome
Proposal approved; order made as sought in trustee's application dated 24 September 2010
Legal Topics
Proposal Approval, Creditors' Meeting, Set Off, Trustee's Duties, Windfall Clause, Trustee's Fees
Insolvency Law Bankruptcy Civil Procedure Proposal Approval Creditors' Meeting Set Off Trustee's Duties Windfall Clause +1 more

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Parties

Mark Stuart MacDonald

Insolvent/proposer

Gareth Hoole

Trustee Applicant

Westpac Banking Corporation

Creditor

Procedural Posture

Proposal Approval Under Insolvency Act 2006 / Application for Court Approval (s333 Hearing)

Legal Issues

  1. 1 Whether the statutory requirements for a proposal under Part 5 Subpart 2 of the Insolvency Act 2006 were complied with
  2. 2 Whether the proposal was accepted by the requisite number and value of creditors
  3. 3 Whether the terms of the proposal are reasonable and calculated to benefit the general body of creditors

Ratio Decidendi

The Court was satisfied the statutory requirements were met, the proposal was accepted by the requisite majority, the terms were reasonable and beneficial to creditors, trustee's fees and meeting costs were provided for, and there was no reason to consider it inexpedient to approve; accordingly the proposal was approved under s333 of the Insolvency Act 2006.

Court Disposition

Proposal approved; order made as sought in trustee's application dated 24 September 2010

Orders

  • Order approving the proposal under s333 of the Insolvency Act 2006
  • Proposal to be implemented as submitted including $30,000 immediate payment, annual payments to secured and unsecured creditors and windfall clause