Price Waterhouse Cooper Finance v Cartwright (aka Joronen and Simpson) [2012] NZHC 3166 (26 November 2012)

Last Updated: 13 January 2013

IN THE HIGH COURT OF NEW ZEALAND WELLINGTON REGISTRY

CIV-2012-485-2057 [2012] NZHC 3166

UNDER the Insolvency Act 2006

BETWEEN PRICE WATERHOUSE COOPER FINANCE

RADCLIFFE PROPERTIES LIMITED CREDIT SERVICES (NZ) LIMITED COLLECTION HOUSE (NZ) LIMITED MERCEDES-BENZ FINANCIAL SERVICES NEW ZEALAND LIMITED RETAIL FINANCIAL SERVICES LIMITED T/AS FARMERS FINANCE LIMITED

Creditors

AND HELEN REBECCA LOUISE CARTWRIGHT (ALSO KNOWN AS HELEN JORONEN AND HELEN SIMPSON)

Insolvent

Hearing: 26 November 2012 (Heard at Wellington)

Counsel: R.A. Brace - Counsel for Applicant

No appearances for any creditors

Decision: 26 November 2012

_{ORAL DECISION OF ASSOCIATE JUDGE D.I. GENDALL}

_{Solicitors: Robert Brace, Lawyer, PO Box 50533, Porirua, New Zealand}

PRICE WATERHOUSE COOPER FINANCE V HRL CARTWRIGHT (ALSO KNOWN AS H JORONEN AND H SIMPSON) HC WN CIV-2012-485-2057 [26 November 2012]

[1] Before the Court is an application under s 333 of the Insolvency Act 2006 for approval of a Part 5 Sub-Part 2 Insolvency Act 2006 creditors’ proposal made by the applicant Helen Rebecca Louise Cartwright (the applicant) noted above.

[2] There is no opposition to that application before me.

[3] Having considered that application, the formal proposal before the Court, the report of the proposed trustee Christine Liggins on the proposal and the supporting material, I am satisfied as follows:

(a) The provisions of Part 5 Sub-Part 2 Insolvency Act 2006 have been complied with; and

(b) A required majority of known creditors have voted in favour of the creditors’ proposal. In this respect six of the seven creditors voted in favour of the proposal and those creditors held, as I understand it,

80.99% of the total indebtedness of the applicant.

[4] Details of the proposal were provided to all known creditors on 4 October

2012. The meeting of creditors held on 1 November 2012 effectively by a majority voted in favour of the proposal itself.

[5] The terms of the proposal in my view are reasonable and are calculated to benefit the general body of creditors. Those terms are for progressive payments towards the total indebtedness of about $281,230.00 are to be made by the applicant over a period of 5 years. This will clear some 81% of the total debt.

[6] I am satisfied therefore that it is expedient that the proposal which is before the Court be approved.

[7] That said, an order is now made approving the applicant’s Part 5 Sub-Part 2

Insolvency Act 2006 proposal dated 26 September 2012 which is before the Court.

‘Associate Judge D.I. Gendall’