31 Oct 2013
SOVEREIGN SERVICES LIMITED v WILSON [2013] NZHC 2883
- Citation
- [2013] NZHC 2883
- Court
- High Court
Sovereign satisfied statutory prerequisites; debtor is seriously insolvent with only uncertain trail commissions; debtor's proposal would amount to an informal compromise disadvantaging other creditors and is unrealistic; debtor's business judgment created foreseeable risk; having balanced creditor interests and public interest the Court exercised its discretion to adjudicate the debtor bankrupt.