Alburo v ANZ Bank New Zealand Limited

[2024] NZHC 3762

IN THE HIGH COURT OF NEW ZEALAND TIMARU REGISTRY

I TE KŌTI MATUA O AOTEAROA TE TIHI-O-MARU ROHE

CIV-2024-476-25

[2024] NZHC 3762

IN THE MATTER

of the Proposal of Carl Matthew Alburo

BETWEEN

CARL MATTHEW ALBURO

Insolvent

AND

ANZ BANK NEW ZEALAND LIMITED

Creditor

CREDIT CORP NEW ZEALAND PTY LIMITED
Creditor

HIPPO HOLDINGS LIMITED T/A HIPPO CASH

Creditor

LATITUDE FINANCIAL SERVICES LIMITED

Creditor

Hearing:	9 December 2024
Appearances:	Y S B V Yang for Applicant/Trustee No other appearances
Judgment:	11 December 2024

JUDGMENT OF ASSOCIATE JUDGE LESTER

ALBURO v ANZ BANK NEW ZEALAND LIMITED [2024] NZHC 3762 [11 December 2024]

[1]    Christine Liggins applies for approval of a creditors Proposal on behalf of the insolvent,  Mr Alburo.   The  Proposal  is  made  pursuant  to   pt  5,   subpt  2  of   the Insolvency Act 2006 (the Act).

[2]    The insolvent’s indebtedness is a result of borrowing funds to support a number of family members who suffered unfortunate medical emergencies. The insolvent was unable to keep up with those financial obligations.

[3]    The insolvent’s debts total approximately $133,000, of which $91,000 is owed to five unsecured creditors with $41,000 owed to a secured creditor.

[4]Ms Liggins is the trustee of the Proposal.

[5]    The Proposal would see the insolvent paying $520 a week for five years. That will see the creditors receiving nearly 100 cents in the dollar, subject to the costs of the Proposal.

[6]    I am satisfied that all known creditors have been given notice of the Proposal. While notice was given by email, those creditors who voted clearly received the Proposal. One creditor did not vote but acknowledged receipt. Four creditors who are collectively owed $107,000 voted in favour of the Proposal. There were no votes against.

[7]    Accordingly, the threshold under s 331(3) of the Act and reg 31 of the Insolvency (Personal Insolvency) Regulations 2007, have been satisfied.

[8]    I am also satisfied that all creditors were served with the present application. No creditor, including those who did not vote, have taken any steps.

[9]    Section 333 of the Act provides the Court must approve a Proposal that has been approved by creditors unless the provisions in subpt 2 of the Act have not been complied with, the terms of the Proposal are not reasonable or it is not expedient to approve the Proposal.

[10]   I am satisfied the procedural requirements under the Act have been met. The Proposal sees creditors paid almost in full, albeit over time. The creditors who are all financiers of one sort or another have made their own assessment as to the reasonableness of the Proposal and accepted it. I am satisfied the Proposal is reasonable.

[11]All the circumstances point towards the Proposal being approved.

[12]   Accordingly, there is an order in terms of para [2.1] of the application for approval of Proposal dated 7 November 2024.

[13]There is no order as to costs.

Associate Judge Lester