25 Mar 2013
WESTPAC NEW ZEALAND LIMITED V CJR VENNING HC WN CIV-2012-485-1989
- Citation
- openlaw-8040d769_2f0b_42bd_b25d_ce7af3b6fee5.pdf
- Court
- High Court
The court approved the creditors' proposal because statutory requirements were met (proper notice and requisite creditor majorities), the $175,000 advance from the Pohutakawa Trust was sufficiently assured and payable within 45 days, the proposal produced a better realistic recovery for the general body of creditors than bankruptcy, there was no evidence of misconduct warranting investigation, and no public interest reason to refuse approval under s333(3)(b) or (c).