16 Nov 2011
ANCA PROPERTIES LIMITED V MA BURT & P M BURT HC NAP CIV-2011-441-411
- Citation
- openlaw-d39d8626_2f27_429e_87a3_48ecd82fabad.pdf
- Court
- High Court
Although the proposal obtained the requisite creditor votes, the court refused approval under s333(3)(c) because inadequate disclosure, the complexity of interposed companies and trusts, the risk to the commercial community and the need for independent investigation made it inexpedient to approve a minimal 1.5 cents in the dollar proposal; accordingly the court adjudicated both applicants bankrupt.