15 Mar 2011
W.A.RITCHIE V BANK OF NEW ZEALAND HC HAM CIV-2010-419-687
- Citation
- openlaw-7eaa8a46_3e14_4ca7_8946_23cfdda63855.pdf
- Court
- High Court
There was no admissible evidence that the statutory requirements for acceptance of a creditors' proposal were satisfied (no evidence of postal votes constituting a quorum and no second meeting to approve the amended proposal). Accordingly there was no proposal extant that could justify adjourning the bankruptcy application; the public interest in adjudicating insolvency where there is no real prospect of an approved proposal requires the bankruptcy application to proceed and an adjudication to be made.