19 Jun 2012
ACS (NZ) LIMITED HC AK CIV-2012-404-002217
- Citation
- openlaw-21404a90_54c2_433e_824e_d69eb119ede1.pdf
- Court
- High Court
The Court approved the scheme because ACS complied with meeting and disclosure requirements, the class was properly represented and the statutory majorities acted bona fide, the scheme is one an intelligent and honest businessperson might reasonably approve, it provides a less disruptive, more efficient run-off than liquidation, offers additional financial support including a $22m top-up, and contains sufficient safeguards (creditors' committee, administrator controls and undertakings) to address Reserve Bank and creditor concerns.