9 Feb 2016
KIRKCALDIE & STAINS LIMITED v THE KIRKCALDIE & STAINS TRUSTEE COMPANY LIMITED [2016] NZHC 112
- Citation
- [2016] NZHC 112
- Court
- High Court
The Court sanctioned the proposed arrangement because statutory requirements and procedural protections were satisfied: the arrangement had been fairly put to a single class of shareholders which overwhelmingly approved it, creditors were adequately protected by projected retained cash and escrow provisions, trustee company participation caused no material prejudice and could be authorised under s236(1) notwithstanding s67B(2) if necessary, and it was appropriate to exercise s237(1)(f) to cancel residual trustee shares and wind up the employee share scheme; orders were made conditional on com…