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{\title This a judgment in two matters, one the application by PDL numbered 71/08 and also including the Winding Up Petition by Jeffrey Hughes Exports Pty Limited in 67/08 and the judgment of the Court that Mr Manarangi appeared for the PDL, Ms Rokoika for Geoff}
{\author tfaireka}{\operator ruddley_e}{\creatim\yr2015\mo2\dy5\hr15\min3}{\revtim\yr2015\mo2\dy5\hr15\min3}{\printim\yr2008\mo11\dy24\hr11\min55}{\version2}{\edmins4}{\nofpages7}{\nofwords2869}{\nofchars13819}{\*\company Company}{\nofcharsws16655}
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{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8
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\rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang3081\langfe1033\cgrid\langnp3081\langfenp1033 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 IN THE HIGH COURT OF THE COOK ISLANDS
\par HELD AT RAROTONGA
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\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 MISC NO. 71/2008
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\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 creditors pursuant to section}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 205 of the Companies Act}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 1955 (NZ) as applied to the}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 Cook Islands by the Companies Act 1970-71
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 AND}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 MISC NO. 67/2008
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid11749761\charrsid6101613 IN THE MATTER}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 of Section 219 of the Companies Act 1970-71
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 AND
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 IN THE MATTER}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 of }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 GEOFFREY HUGHES}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 EXPORTS (PTY) LTD}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613  a}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 duly incorporated company}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 having its registered office in}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 Chatswood, Sydney, Australia}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 Applicant
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 AND
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 IN THE MATTER}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 of }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 PACIFIC DISTRIBUTORS}{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 LIMITED,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613  a duly incorporated}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 company having its registered}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 office in Nikao, Rarotonga,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 Cook Islands
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 Applicant}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 Mr Manarangi for PDL
\par Ms Rokoika for Geoffrey Hughes Exports (Pty) Ltd
\par Date:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13392176\charrsid6101613 14 November 2008
\par 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 ORAL JUDGMENT OF WESTON J}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 Introduction
\par 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 \hich\af0\dbch\af0\loch\f0 1.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
This is an application to sanction a scheme of arrangement which would bind the unsecured creditors of Pacific Distributors Limited un}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
der section 205 of the Companies}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613  Act 1955.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 \hich\af0\dbch\af0\loch\f0 2.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 The application was argued before me yesterday.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
I would prefer to have had more time to prepare a carefully reasoned judgment but my commitments in New Zealand over the next few weeks mean that I cannot realistically delay issuing this judgment.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 I understand there is now some urgency to resolve this application. 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 \hich\af0\dbch\af0\loch\f0 3.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
I have reached the clear view that the scheme should be approved and I now set out my reasoning in summary form.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 \hich\af0\dbch\af0\loch\f0 4.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 The appli
cation to sanction the scheme of arrangements has been brought on for hearin}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 g at the same time as a winding\_}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 up petition by Geoffrey Hughes Exports.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 If I sanction the scheme that will inevitably impact on the petition.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 Consequently, I propose dealing with the scheme firs}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 t before addressing the winding\_}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 up petition.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 \hich\af0\dbch\af0\loch\f0 5.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
The essential thrust of the scheme is that the company will pay 60c in the dollar or thereabouts followed by a liquidation.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 That provides an oversight which will suffice by way of introduction}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 .}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 I discuss the detail shortly.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 PDL \endash  on overview
\par 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 \hich\af0\dbch\af0\loch\f0 6.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 PDL was incorporated in March 2007.}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 It took over the business of a number of existing entities including Meatco, Foodland and Oasis.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 By at least March 2008}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613  there were financial difficulties.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 These culminated in the sale of the business to CITC on 1 August 2008.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 The sale to CITC}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
 produced the sum of $}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 7.7}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 m.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 V}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
arious payments were made from this sum, the detail of which I }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 will }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 consider shortly.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
The balance was then held on account of the unsecured creditors of the company.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
There is not enough to }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 e}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 ffect a full payment to those creditors.

\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Procedural History}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid3347368\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 7.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 On 16 September 2008 Geoffrey Hughes Export}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  issued a winding}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 \_}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 up petition out of this Court.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 This precipitated an application to the Court to appro
ve a meeting of creditors preliminary to the sanction of a scheme of arrangement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
That application was filed on 29 September 2008.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 8.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
The application to approve the meeting was supported by an affidavit of Mr O}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
Meara, manager of PDL.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Ultimately, Mr O}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Meara was to file five affidavits dealing with different aspects of the application.}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 My understanding is that Mr O}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 M}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
eara has been managing the wind\_}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 down of the business and supporting the scheme of arrangement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 I have been advised that his employment has now come to an end.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 9.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 This Court then considered that application and}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  over the course of several days}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  further information was provided as the scheme was refined.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 The advice to creditors of the proposed meeting was also developed.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 In particular, an affidavit
 of the two remaining directors was prepared and filed which confirmed the terms of the scheme of arrangement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 The proposed scheme included a number of commitments by the directors and I required their confirmation of these by way of affidavit.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 10.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 On 2 Octo
ber I prepared a Minute directing a meeting to be called on 14 October 2008.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
I also dealt with advertising and the appointment of a chair for the meeting.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
In the last paragraph of that Minute}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
 I recorded my then view that there was only one relevant class accredited.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
For reasons that I will address below, that view remains unchanged.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 11.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 The creditors meeting occurred on 14 October 2008.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Some of the details }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 are}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  recorded in the affidavit of Mr Brannigan, the designated chair of that meeting.}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 There is also a DVD of the meeting which I have reviewed.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 The sound quality is poor but I have gained something of the flavour of the meeting.}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
It is clear that those present asked a great many questions of the directors and advisors who were also present at the meeting.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 12.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Mr O}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Meara also filed an affidavit reporting on the meeting.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 He explained how creditors had been advised of the calling of the meeting.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Most creditors were notified by email including all of the overseas creditors.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 There were three advertisements placed in the Cook Islands News.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Mr O}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Meara kept a detailed record of attendees and how they voted.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 In paragraph 7 of his affidavit he advised}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613  that}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 "}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
of the creditors who attended in person or by proxy, 89% of them voted in favour and 11% voted against the scheme of arrangement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Those who voted in favour of the scheme of arrangement represent 87% of the total value of creditors.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 "}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 13.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
A total of 10 creditors voted against the scheme of arrangement at the creditors meeting.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 The total value of their claims was approxi}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 mately $500,000.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 Th}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 e total indebt}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613 edness of PDL is approximately }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 $4.5}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13991330\charrsid6101613  million}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 These figures bear out the summary of Mr O}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Meara}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
s affidavit quoted above.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 14.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 I have alread}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 y mentioned my provisional view}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  that there was only one relevant category or class or creditor.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 Initially Ms Rokoika maintained an argument that her client was in a separate class.}
{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 She expressly abandoned this at the hearing.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 I believe her concession was appropriate and that I was correct to treat the various creditors as comprising
 a single class.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 15.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
On 4 November 2008 Mr Manarangi appeared in front of me to discuss arrangements to bring on the application to sanction the scheme of arrangements, I then gave directions which led to the hearing on 17 November.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 I direct}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
ed that the winding\_}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 up petition and the application for sanction be heard together.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 
 }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 I also direct}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ed}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  that any person opposing the sanction of the scheme should}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
 file Notices of Objection by 16 November.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 F}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 ive creditors filed }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 one of }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 these}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613  including Geoffrey Hughes Exports.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 The Scheme of Arrangement}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 \hich\af0\dbch\af0\loch\f0 16.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
There are 7 particular aspects of the scheme which I now address.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
First, the position of secured creditors.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
This category includes creditors who were secured by way}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613  of debenture as well as those who exercised rights under retention of title clauses.}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 There was}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613  at the hearing}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613  some challenge to these and I address that shortly.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 The VAT and PAYE payments made by PDL were not challenged.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 The total payments for this cat}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid15145219\charrsid6101613 egory were an amount just over }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 $6}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid15145219\charrsid6101613  million}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 It is proposed that those payments be accepted as having been }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
properly }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 made with no adjustment made.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid617342\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 \hich\af0\dbch\af0\loch\f0 17.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 
Secondly, there were four trade creditors who were paid on the basis they were said to be essential.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 One was the electricity supply company and this claim comprised over half of the total of these four trade creditors.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 The other three were rental payments made to related entities of PDL.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 It was a term of the sale to CITC that these payments be brought up to date.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 As with secured creditors, the scheme of arrangement assumes these payments will not be challenged.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 \hich\af0\dbch\af0\loch\f0 18.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 Thirdly, professional fees on the sale.}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 These totalled $136,000 approximately.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 There was some criticism of the quantum but}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613  apart from general grumbling}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid15145219\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613  no specific challenge to the payment.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 It seems to me i
nevitable there would have been some costs incurred relating to the sale and I see nothing exceptional about these }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 costs}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 There }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 has been}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 
 a further sum of $30,000 put aside to meet anticipated legal costs associated with winding down PDL.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 Again, that seems to me to be appropriate.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 \hich\af0\dbch\af0\loch\f0 19.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 
Fourthly, the scheme proposed that all creditors of less than $1,000 be paid in full.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 This was suggested on the basis that the costs of reconciling these various claims was out of proportion to the small amount involved in total which is approximately $16,000.}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid13911455\charrsid6101613 
I address some criticisms of these payments when I discuss the grounds of opposition to the scheme below.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 \hich\af0\dbch\af0\loch\f0 20.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 Fifthly, that PDL held approximately $29,000 w}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 hich it believed was held by it on }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 trust.}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 PDL propose}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  paying those moneys back in full.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 There was no challenge to this and again it seems to me an appropriate basis on which to construct the scheme.

\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 \hich\af0\dbch\af0\loch\f0 21.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 Sixthly, various sums}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  including the sum of $1.9}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid15145219\charrsid6101613  million}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  of shareholders advances}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  were to be }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 forgiven}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 I understand that Mr}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 \~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 Carr}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  representing some of the creditors}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  established that these were genuine advances and represent a real concession by the shareholders.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 
\af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 In addition}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15145219\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  the directors would waive fees owed to them of $68,000.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 \hich\af0\dbch\af0\loch\f0 22.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 Seventhly, the directors have deposited 
$150,000 into a solicitor}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 s trust account.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 This amount of money has been described as the support fund.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 It is to be used to top up the company}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 s funds so as to ensure if possible a minim}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 um payment of 60c in the dollar}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 Whether this fu}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
nd will actually be called upon will}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  depend upon the extent of recoveries.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 The objections}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
\par 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 \hich\af0\dbch\af0\loch\f0 23.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
I start with those objections raised on behalf of Geoffrey Hughes Exports and argued by Ms Rokoika.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 First, she was critical of the company}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 s record keeping and argued that a scheme of arrangement would preclude steps being taken to pursue such alleged deficiencies.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 While I have no knowledge of the details of such allegations, it appears to me that a scheme of arrange}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ment would not have that effect:}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 s}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 ee }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 Buttle}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  v All}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\lang2057\langfe1033\langnp2057\insrsid6911649\charrsid6101613 e}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 n }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 [}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 1994}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ]}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 1}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6911649\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
NZLR 396}{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 .}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 \hich\af0\dbch\af0\loch\f0 24.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
Secondly, she challenged the payments made to secured creditors and the essential trade creditors.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 This issue was also raised on behalf of Telecom and I address that when answering Telecom}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 s arguments.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 \hich\af0\dbch\af0\loch\f0 25.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 Thirdly, and if this scheme of arrangemen}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8411135\charrsid6101613 t is sanctioned, Ms\~}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
Rokoika sought an amendment to the effect that the first and second proposed distribution be collapsed into the one distribution of 45c.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 I return to that shortly.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 \hich\af0\dbch\af0\loch\f0 26.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
Submissions were then made on behalf of the Bond Store.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 It was said th
at a high proportion of the year to date}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
s total orders were placed in the period immediately prior to the sale to CITC.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
When questioned about this}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15145219\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613  I understand}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid15145219\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
 representatives of PDL said that nothing had arisen and that PDL was able to meet its obligations.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 There is no evidence before me on the topic.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 But}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613  if the allegations are true, they are not necessarily relevant to the scheme of arrangement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 If the Bond Store was misled by the actions of individuals, there may be remedies directly against thos
e individuals but that would not necessarily increase the indebtedness of PDL itself to the Bond Store.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 Consequently I do not believe that this is a factor which needs to stand in the way of the scheme of arrangement.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4214948\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 \hich\af0\dbch\af0\loch\f0 27.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 Telecom made very extensive submissions.}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 These range}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 d}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613  consid}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 erably beyond the scope of the N}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 otice of }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 O}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 bjection filed by Telecom.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
Nevertheless I allowed the submissions even though there were new topics raised which ultimately led to an adjournment of the hearing to enable further enquiries to be made.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 The key focus of Telecom was on the securities of ANZ, Westpac and W H Grove.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 In effect it was said there were no formal securities in place.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 Following the adjournment, it became apparent that this argument was erroneous and that in fact th
ere were securities in relation to these three creditors and that all should properly be regarded as secured creditors.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 \hich\af0\dbch\af0\loch\f0 28.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
Telecom also criticized the payment in full to creditors under $1,000.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
It was said that this proposal was tactical, designed to achieve the necessary voting majority.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 I do not accept this.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 The total sum due to this group of creditors is very small compared to the total indebtedness.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 I accept as entirely credible PDL}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 s argument that the cost of reconciling these creditors would be out of proportion to the amount involved.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 Analysis of the law}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 \hich\af0\dbch\af0\loch\f0 29.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
The application is brought under Section 205 of the Companies Act.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
I do not need to set that out here.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 \hich\af0\dbch\af0\loch\f0 30.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
Of the various authorities cited to me, I have derived the most assistance from the decision of the High Court of New Zealand in }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 Southern World Airlines }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 [}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 1993}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ]}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613  1}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 NZLR 597.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 In this decision the High Court endorsed an earlier decision of that Court in }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\i\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 CM Banks Ltd }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 [}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 1944}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ]}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613  NZLR 248 in which four tests are set out which should be satisfied before a scheme of arrangement is sanctioned.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  
}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 I am quite satisfied that the first three of these are made out on the facts before the Court.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid4995616\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 \hich\af0\dbch\af0\loch\f0 31.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
The fourth factor requires that the scheme might reasonably be approved by an intelligent and honest business person.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 In the first place, it can be observed that a large proportion of creditors have supported the scheme.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 That is obviously a clear signal that the Court should not }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 lightly}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613  ignore.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 Ultimately though, this factor can only be assessed as a matter of judg}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 e}{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 ment and impression.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 I am satisfied that the proposed scheme of arrangement might reasonably be approved by this hypothetical business person.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 \hich\af0\dbch\af0\loch\f0 32.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 Williams J in the case of }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 Southern World Airlines}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613  made it clear that}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613  even if these four factors are satisfied, 
there remains a residual discretion to sanction the scheme or not.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 I now address }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 one factor}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613  that can usefully be raised in this context.}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 Conceivably through, }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 it }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 could have been raised in addressing the fourth factor just mentioned.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 \hich\af0\dbch\af0\loch\f0 33.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 It was argued that th
e approval of the scheme would prevent a proper investigation of the affairs of PDL.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 That is arguably true of any scheme of arrangement where the scheme will put commercial expediency ahead of anguish self examination.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 Sometimes a rational business person may decide that a specified financial retur}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 n is preferable to a long drawn\_}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
out investigation which may not necessarily generate a greater return.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 Buttle }{
\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 v }{\rtlch\fcs1 \af0 \ltrch\fcs0 \i\lang2057\langfe1033\langnp2057\insrsid6911649\charrsid6101613 Allen }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 makes it clear}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid12648917\charrsid6101613 ,}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613  in any event, that the scheme of arrangement does not necessarily stand in the way of an investigation into the affairs of the directors.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
If there has been misconduct, and I stress there is no evidence before me about this, interested creditors can pursue that further should they desire to do so.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 \hich\af0\dbch\af0\loch\f0 34.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 Taking all factors into account 
I believe that the Court should approve the proposed scheme of arrangement but subject to some additional conditions which I now discuss.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \b\ul\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 The terms of the scheme of arrangement}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid9068751\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 35.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
I approve the terms of the draft order subject to the following:
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 36.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 First, the 
order must make it clear that the payment to creditors may exceed 60c in the dollar if recoveries are better than expected.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 In these circumstances it would not be necessary to resort to the support fund.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 37.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 Secondly, the payment of the expected dividends wi
ll culminate in the liquidation of PDL.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
I have been asked to make directions as to the identity of a liquidator, but I do not believe that to be appropriate.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 Nevertheless, I do recommend that the members of the company take care at the point they are selecting a liquidator to achieve as much independence as is possible.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 38.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
Thirdly, there needs to be more prescription as to when payments are to be made.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
I direct the scheme of arrangement shall provide for the following payments:
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 (a)\tab}}\pard \ltrpar
\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\ilvl1\adjustright\rin0\lin720\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 the first dividend comprisi
ng 30c to be paid by 19 November 2008}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 \hich\af0\dbch\af0\loch\f0 (b)\tab}}\pard \ltrpar
\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\ilvl1\adjustright\rin0\lin720\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 he }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 second dividend comprising 15}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 c by 1 December 2008}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 ;}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 \hich\af0\dbch\af0\loch\f0 (c)\tab}}\pard \ltrpar
\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\ilvl1\adjustright\rin0\lin720\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 t}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 he third dividend comprising up to 15c by 1 February 2009}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613  but earlier if finances allow;}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 \hich\af0\dbch\af0\loch\f0 (d)\tab}}\pard \ltrpar
\ql \li720\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\ilvl1\adjustright\rin0\lin720\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 a}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 ny further dividend beyond 60c is to be paid by 1 April 2009.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613\charrsid6101613 
\par }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 Leave is reserved to PDL or to any unsecured creditor to apply to the Court to review these dates or to seek directions if payments are not made on time.
\par 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 39.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
Following the final dividend, I direct that PDL shall enter into a voluntary liquidation within a two week period from that last payment.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 Again, leave is reserved to vary that time limit if for any reason it is inexpedient or inconvenient.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 40.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
Fourthly, the order needs to clarify that the implementation of the scheme of arrangement is now the responsibility of the directors as assisted by the company}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 
\af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 s lawyer who I assume will be Mr}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 \~}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 Manarangi.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
The draft order already provides for the directors to provide their services free of charge but it would be useful if it went further and specified that they had a continuing role.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 The order should make it clear that counsel}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 s costs are to be met from the company}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613 '}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 s assets.}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 
\ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 \hich\af0\dbch\af0\loch\f0 41.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
Counsel should report to the Court following the second payment and at each payme}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 nt thereafter.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 I direct Mr}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 \~}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 Manarangi to prepare a further draft order and to submit it to me for approval.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid16588257\charrsid6101613 
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 
\par {\listtext\pard\plain\ltrpar \rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 \hich\af0\dbch\af0\loch\f0 42.\tab}}\pard \ltrpar
\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\ls1\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 Fina}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 lly, I need to stay the winding\_}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 up petition.}{\rtlch\fcs1 \af0 \ltrch\fcs0 
\lang2057\langfe1033\langnp2057\insrsid6101613  }{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 Following the final dividend payment from PDL, whether it is at the third or fourth step as I set out above}{
\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid8732960\charrsid6101613 , t}{\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 he petition will be automatically dismissed with no order a
s to costs.
\par }\pard \ltrpar\ql \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 
\par }\pard \ltrpar\qc \li0\ri0\nowidctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid6101613 {\rtlch\fcs1 \af0 \ltrch\fcs0 \b\lang2057\langfe1033\langnp2057\insrsid197396\charrsid6101613 Weston J
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