18 Dec 2012
GRANT AND KHOV AS LIQUIDATORS OF NZ PROPERTIES HOLDING LTD (IN LIQ) V CP ASSET MANAGEMENT LIMITED HC AK CIV-2012-404-005014
- Citation
- openlaw-379dcb3f_106d_45b5_9c88_696dbf6841e1.pdf
- Court
- High Court
The Court dismissed the s245A challenge because the alleged prejudice to the dissenting creditors was speculative and not shown to be unreasonably likely when balanced against the related creditors' benefits and other available safeguards; exercising its s243(7) discretion the Court appointed the proposed liquidators because they were independent, supported by the majority of creditors, capable of being funded for an initial investigation, and the incumbents' confrontational approach had been counterproductive.