18 Dec 2013
THE BANK OF TOKYO-MITSUBISHI UFJ, LTD v SOLID ENERGY NEW ZEALAND LIMITED [2013] NZHC 3458
- Citation
- [2013] NZHC 3458
- Court
- High Court
The High Court held the Part 14 compromises were valid and within the scope of the Companies Act 1993; the Support Deed did not prohibit the negotiations or formal agreement reached nor was it breached in a way that invalidated the compromises; notices and creditor class composition complied with the statute and practice; no material irregularity or unfair prejudice to Bank of Tokyo was established; accordingly Bank of Tokyo's claims were dismissed and it is bound by the compromises.