29 Sept 2011
TA ROSS v BK ROSS HC WN CIV-2010-485-2515
- Citation
- openlaw-a4a4a889_ef73_4901_b92c_9cc45dee7e57.pdf
- Court
- High Court
The proposal was dismissed under s333(3)(b) and (c) because it was materially deficient and misleading (failure to disclose trust-owned property and associated offsets, treating secured mortgage as unsecured, no provision for contribution from the debtor's substantial future income, and proposal structured to primarily benefit family trusts and the bank rather than the general body of creditors), and it was not expedient to approve it; having rejected the proposal the Court adjudicated the debtor bankrupt under s13 because the statutory thresholds were met and s37 discretionary grounds to ref…