Re Southern World Airlines Ltd - [1993] 1 NZLR 597

Company law — Scheme of arrangement — Tests to be met on application for sanction — Whether scheme operated to discharge guarantee — Whether creditor holding guarantee properly included in class of general creditors — Whether scheme fairly put — Whether scheme was one that an intelligent man of business might approve — Matters to which Court will have regard in the exercise of its overall discretion — Companies Act 1955, ss 205 and 206.