8 Aug 2018
PATEL (SPACKMAN) v DEBT BUYERS LIMITED [2018] NZHC 2015
- Citation
- [2018] NZHC 2015
- Court
- High Court
The court held that the deed by which FM Custodians accepted a lump sum and assigned its claim to Mr Spackman extinguished his liability to FM Custodians and therefore Mr Spackman was not a creditor entitled to vote; the trustee erred in accepting and counting that vote and, without it, the statutory voting threshold in s331(3) was not met, so the proposal could not be approved.