19 Nov 2019
FENNING v LEXUS TRUSTEES LTD & OR [2019] NZHC 3009
- Citation
- [2019] NZHC 3009
- Court
- High Court
The court approved the s333 proposal because the majority of creditors by number and value supported it, the proposal delivered a greater return (10 cents in the dollar) than likely in bankruptcy, institutional creditors had made a commercially informed decision, and there was evidence (commission documentation) supporting the insolvent's ability to meet payments; approval was granted subject to the condition that the insolvent pay $5,756 to the judgment creditors within 7 days.