20 Apr 2022
RE LIFETIME INCOME LIMITED [2022] NZHC 810
- Citation
- [2022] NZHC 810
- Court
- High Court
The Court approved the s236 scheme because LIL demonstrated that regulatory solvency requirements and fixed operating costs made SF2 commercially unviable, exhaustive alternatives had been attempted and failed, the scheme was fairly presented to the class with appropriate notices, independent actuarial and amicus review supported the proposed lump sum methodology (which was generous to policyholders), the Bank was engaged and did not object to the application, and the arrangement was fair and equitable to the policyholder class compared with the realistic alternative of liquidation.