11 Dec 2012
ULLRICH ALUMINIUM CO LIMITED v DJ BLACKMORE HC WN CIV-2012-485-730
- Citation
- openlaw-50afa83c_8598_46f0_8f22_050e744d2aed.pdf
- Court
- High Court
The court approved the Part 5 creditors' proposal because procedural requirements were met, a sufficient majority of creditors in number and value accepted it, the proposal (a one‑off $100,000 underwritten payment) provided a greater and more certain return to creditors than bankruptcy would, there was no evidence of debtor misconduct warranting Official Assignee scrutiny, and any understatement of total indebtedness was a formal error correctable under s333(6) that did not alter the substance of the proposal.