16 Jul 2007
POLPERRO CORPORATION LTD V INTERNATIONAL MARINE SERVICES LTD HC AK CIV-2006-404-2390
- Citation
- openlaw-c6e9ddf4_9b59_405a_99d5_ec95fd539af2.pdf
- Court
- High Court
The Court has authority and duty in s 232 proceedings to determine whether a party who voted was in fact a creditor; Smartships was not a creditor because the asserted liability arose from an unenforceable oral guarantee and documentation showed the debt related to Saba, not IMS; counting Smartships' vote was a material irregularity and/or made the compromise unfairly prejudicial under s 232(3), therefore Polperro is not bound by the compromise and an order to that effect should be made.