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High Court, in personal insolvency proceedings, dismisses creditor's objection to proposed personal insolvency arrangement brought on behalf of a debtor by his personal insolvency practitioner on the basis of an alleged procedural irregularity on the practitioner's part due to an incorrect classification of a judgement mortgage creditor as an unsecured creditor, where the court finds that: there is nothing in the applicable personal insolvency legislative regime (nor in the general law on 'waiver') which prevents a creditor from waiving its status as an unsecured creditor; and therefore there was no procedural irregularity relating to the debt's classification, and no impact on the percentage of creditors voting for the proposed scheme at a recent creditors' meeting.
Personal insolvency arrangement - creditor's objection to proposed arrangement of debtor's personal insolvency practitioner - whether procedural requirements set down in legislation complied with in respect of proposed arrangement - alleged incorrect classification of judgment mortgage creditor as an unsecured creditor - affect on creditors' voting - grounds of notice of objection filed - definition of 'secured creditor' and 'secured debt' - statutory provisions permitting secured creditors to be treated as unsecured - objection not filed in notice of objection pleading - alleged waiver of claim to be treated as a secured creditor - objecting party should have brought an application to extend time to make objection based on affidavit but not filed in notice of objection - affidavit failed to signal issue in respect of practitioners treatment of party as an unsecured creditor - manner in which waiver can occur at law - expressio unius est exclusio alterius - legislative regime does not displace or exclude the ordinary operation of law of waiver - creditor correctly treated as unsecured creditor for purpose of votes taken at creditors' meeting called to consider proposed arrangement - objection dismissed
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