24 Aug 2017
TRENDS PUBLISHING INTERNATIONAL LIMITED v ADVICEWISE PEOPLE LIMITED [2017] NZCA 365
- Citation
- [2017] NZCA 365
- Court
- Court of Appeal
The Court held that under Part 14 classes must be determined by reference to both legal rights and competing economic interests where necessary; the insider creditors should have been placed in a separate class, Callaghan (a disputed creditor) should have been separate or excluded, and material non-disclosure occurred; those defects rendered the compromise unfairly prejudicial under s232(3)(c), warranting setting aside of the compromise and dismissal of the appeal.