15 Nov 2010
POLYMER GROUP LIMITED V SOUTH VINEYARD LIMITED HC WN CIV-2009-485-1298
- Citation
- openlaw-6f564884_1c1a_430b_aa1a_3f1490204e8e.pdf
- Court
- High Court
The Part 15 creditors' proposal is approved because it was properly conducted, supported by a vast majority of creditors by number and value, provides an immediate and tangible benefit (approximately 20% pro-rata payment) and a reasonable prospect of full settlement within 12 months; accordingly the Court will stay/dismiss liquidation applications contingent on timely distribution and compliance with conditions.