17 Nov 2008
KELLY V STRUCTURED FINANCE LTD HC AK CIV-2008-404-002891
- Citation
- openlaw-31936620_ff5f_4c49_a57e_8a9e22b66d35.pdf
- Court
- High Court
Court refused approval because there were serious procedural breaches of Subpart 2 (failure to serve known/secured creditors; material discrepancy between the filed proposal and documents actually considered; absence of a clear resolution setting out the final proposal), the proposal was vague and commercially unreasonable with no identifiable enforceable income stream and therefore not calculated to benefit the general body of creditors, and approval was not expedient in the public interest; accordingly the Court exercised its s 333(3) discretion to refuse approval and adjudicated the debtor…