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    Proposing an Alternative to Bankruptcy: Part XV in Retrospect (1995)

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    Type of Content
    Journal Article
    UC Permalink
    http://hdl.handle.net/10092/4132
    Publisher
    University of Canterbury. Department of Accounting and Information Systems
    ISSN
    0112-0581
    Collections
    • Business and Law: Journal Articles [328]
    Authors
    Sawyer, A.J.show all
    Abstract

    With the arrival and subsequent repercussions of the 1987 worldwide sharemarket crash, the instances of businesses and individuals alike facing insolvency in New Zealand has escalated at an unprecedented rate. A large number of these insolvencies ultimately resulted in bankruptcy for individuals under the Insolvency Act 1967. Accompanying the growth in bankruptcies was a desire to avoid the restrictions and utilise alternatives to satisfy the demands of creditors. One such alternative is a proposal under Part XV of the Insolvency Act or an arrangement under Part X of the Bankruptcy Act 1966 (C'th). Utilisation of proposals as an alternative to bankruptcy has mirrored the growth in insolvencies in New Zealand if the number of judicial decisions is taken as the measure. This article investigates and critically evaluates proposals filed under Part XV of the Insolvency Act 1967. Proposals were first introduced with the 1967 consolidation and amendment to the Insolvency Act 1956. Part XV of the Insolvency Act provides the procedure for securing creditor acceptance and gaining court approval of a proposal.

    Citation
    Sawyer, A.J. (1995) Proposing an Alternative to Bankruptcy: Part XV in Retrospect. Canterbury Law Review, 6(1), pp. 175-194.
    This citation is automatically generated and may be unreliable. Use as a guide only.
    Rights
    https://hdl.handle.net/10092/17651
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