27 Apr 2017
NZ OIL & GAS LTD [2017] NZHC 810
- Citation
- [2017] NZHC 810
- Court
- High Court
Applying the Re CM Banks four‑part test, the Court found statutory procedures were complied with, the arrangement was fairly presented, the requisite class majorities voted and did so bona fide, and a reasonable and honest business person could approve the scheme as it was fair and equitable; additional approvals (NZX, IRD ruling, Takeovers Panel) and a directors' solvency certificate supported that creditors would not be prejudiced, therefore the Court granted final orders under s 236 approving and making the arrangement binding.