18 Dec 2015
BAKER & Ors v GILBERT [2015] NZHC 3311
- Citation
- [2015] NZHC 3311
- Court
- High Court
The Court was satisfied the creditors' meeting result was determined by votes of related creditors and that the outcome unreasonably prejudiced external creditors; accordingly under s 245A the tainted resolution of 8 May 2015 was set aside and the appropriate remedial order was to direct a fresh creditors' meeting (with related creditors barred from voting) rather than for the court to appoint liquidators directly, consistent with the statutory scheme privileging creditors' meetings for confirming or replacing shareholder-appointed liquidators.