21 Dec 2007
FAVA V E ZAGHLOUL, ASB BANK LIMITED, BANK OF NEW ZEALAND AND LION FINANCE LIMITED CA CA568/07
- Citation
- openlaw-3080fb25_93da_4e03_8e55_49005a2cba90.pdf
- Court
- Court of Appeal
The Court dismissed the appeal and affirmed the High Court: the proposed composition was not reasonable under s122(3)(b) and not expedient under s122(3)(d) because there was insufficient independent evidence of the merits and funding of the contingent Churchill litigation, inadequate assurance that proceeds would reach creditors, conflict of interest among supporting creditors, and inadequate detail and certainty as to payments and funding.