24 Feb 2010
PROPERTY VENTURES INVESTMENTS LIMITED V FM 3 LTD & ORS HC CHCH CIV 2009-409-001854
- Citation
- openlaw-41f47942_d04c_4cb6_a59f_ead6f802b29e.pdf
- Court
- High Court
The s236 compromise applications were dismissed because approval would not be fair and equitable: a solitary affected creditor opposed receiving only a proportion of its debt; there were no persuasive reasons to keep insolvent single‑asset companies in existence; the companies' affairs warranted investigation through liquidation; and the proposed guarantees and long timeframe created unacceptable commercial uncertainty.