Re Guest ex parte BNZ Finance Ltd - [1990] 3 NZLR 700

Bankruptcy and insolvency — Proposals under Part XV of the Insolvency Act 1967 — Powers and duties of chairman — Entitlement of creditors to vote — Combined meeting of creditors was held to consider proposals by two debtors — Chairman allowed votes by creditors who filed late proofs of debt — Chairman reported that required majority had approved one proposal but not the other — On one proposal chairman did not report whether it had been accepted — Whether chairman had duty to report acceptance or non-acceptance of proposal — Whether chairman had power to reject proof of debt or amount of debt — Whether creditor who filed proof of debt before vote was taken allowed to vote — Whether Court might decline approval of both proposals although majority of creditors approved one — Observations as to duty of chairman regarding voting by contingent and secured creditors — Insolvency Act 1967, ss 141, 142 and 143 — Insolvency Regulations 1970, reg 58.