2 Nov 2010
VISKOVICH HC AK CIV 2010-404-004157
- Citation
- openlaw-c88d3de1_87c6_41bd_aa79_f46eaad980dc.pdf
- Court
- High Court
The Court approved the proposal because the statutory requirements under the Insolvency Act 2006 were satisfied, the proposal was accepted by the requisite number and value of creditors, the post‑vote modifications related only to one creditor and did not prejudice others, the proposal delivers materially greater returns to creditors ($150,000 over three years) than likely bankruptcy realisations ($9,450), and proper provision was made for preferential debts and trustee fees.