The Court of Appeal has affirmed the High Court’s ruling that a voluntary administrator may only use a casting vote where the number of creditors voting for and against the resolution is equal.
The second limb of the test, that the 50% represent at least 75% in value, cannot be the subject of the casting vote. Nor can the casting vote be used to choose between the number and the value.
New Zealand, Insolvency & Restructuring, Litigation, Chapman Tripp, Wage, Shareholder, Liquidation, Voting, Prejudice, Court of Appeal of England & Wales, High Court of Justice (England & Wales)