26 May 2009
COETZEE & ANOR V COLLECTION HOUSE (NZ) LIMITED & ORS HC AK CIV 2009-404-002090
- Citation
- openlaw-93bf7066_ccfd_43d8_902e_212340585fe0.pdf
- Court
- High Court
The Court approved the proposal under s333 because the trustee's report demonstrated that proper notice was given, creditors (including secured creditors) voted unanimously to accept a proposal that pays all creditors in full over three years, the restraint on secured creditors was knowingly accepted by experienced commercial creditors, and a minor discrepancy in small debt amounts did not affect the substance or fairness of the proposal.