28 Aug 2015
STEVEN JAMES TOMPSON AND KAREN MICHELLE TOMPSON v GUY MARSHALL DISTON [2015] NZHC 2050
- Citation
- [2015] NZHC 2050
- Court
- High Court
The court refused to approve the proposal because its terms were not reasonable and not calculated to benefit the general body of creditors: the dividend to unsecured creditors was so small as to provide no practical advantage to some creditors, creditors did not have all relevant information (real estate appraisals) when voting, and the proposal conferred an element of preference to the secured creditor, so approval was not appropriate.