19 May 2010
BANK OF NEW ZEALAND LIMITED AND ORS V PG SOUTHAM HC AK CIV-2010-404-1509
- Citation
- openlaw-e19b75a9_d05a_4f37_b349_1a1dfd9ea45e.pdf
- Court
- High Court
The court approved the proposal because Sub‑Part 2 procedural requirements were met, a substantial majority of creditors voted in favour, the proposal is reasonable and calculated to benefit the general body of creditors (providing a materially better recovery than bankruptcy), and the s333(4) requirements regarding priority payments and costs have been satisfied; accordingly it is expedient to approve under s333.