17 Nov 2008
KELLY V STRUCTURED FINANCE LIMITED HC AK CIV-2008-404-002891
- Citation
- openlaw-7d484472_f5b7_4bc2_b4ad_db8587121d19.pdf
- Court
- High Court
Approval refused because (1) statutory non‑compliance was established: failure to serve known creditors (including significant secured creditors), the proposal presented to creditors materially differed from the proposal filed in Court, and no clear resolution setting out the proposal in final form was produced; (2) the proposal was commercially vague and lacked an enforceable income stream or credible ability to pay creditors and therefore was not reasonable or calculated to benefit the general body of creditors; and (3) considering expediency and public interest, creditor protection and ind…