13 Dec 2006
FELTEX CARPETS LTDV N & I INVESTMENTS LTD HC AK CIV 2006-404-6525
- Citation
- openlaw-e4ac956b_3e24_492e_b622_93b2db40a990.pdf
- Court
- High Court
Feltex was found unable to pay its debts (supported by receiver appointment and creditors' claims); although a shareholder rescue plan under s154 was presented, the company's insolvency and the need to protect creditors and allow a liquidator to investigate and exercise powers under the Act outweighed speculative shareholder proposals; accordingly the s154 appointment was declined and a liquidator was appointed under s241(4).