3 Sept 2012
A LIGUORI V GOLDEN FUND LIMITED& ORS, HC AK CIV 2011-404-004878
- Citation
- openlaw-4a0de4f9_f89a_43f6_a9f1_06d40f60216c.pdf
- Court
- High Court
The Court refused to apply issue estoppel because the amended proposal materially changed the commercial risk profile (no borrowing, underwriting by a major creditor). On independent assessment under s333 the revised proposal, although risky, could be acceptable to a commercially prudent creditor given the underwriting and proposed accountant oversight; public interest concerns were substantially reduced by the underwriting. Approval granted subject to strict conditions (trustee report on revenue after 20 working days; confirmation of GST filings; engagement of chartered accountant as co‑sign…