New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Proposal approval under part 5

Legal area

Court

25 Feb 2022

FLORES v ANZ BANK NEW ZEALAND LIMITED [2022] NZHC 294

Citation

[2022] NZHC 294
Court

High Court

The court approved the proposal because all creditors were given notice and confirmed receipt, a majority in number and over 75% in value of voting creditors accepted the proposal, the proposal complied with s 327 requirements, it provided a return of over 50 cents in the dollar, and no grounds under s 333(3) were apparent or oppositions were raised.
16 Jul 2015

STEPHEN JOHN EDWARD PACK v ULTRA PROJECTS LIMITED (IN LIQUIDATION) [2015] NZHC 1659

Citation

[2015] NZHC 1659
Court

High Court

Although the Court erred in inferring an undisclosed asset because advances to the family trust had been forgiven, that error did not justify recalling the judgment; independent findings concerning the net value of debts and the inexpediency of approving the proposal were sufficient to uphold the refusal, and the objector's success justified the costs award on the 2B basis.