A liquidator's opinion under r 75-250 of the IPR that a creditor's direction is unreasonable need only be formed in good faith; it need not be objectively reasonable. Good faith requires that the liquidator in fact formed the opinion as a result of a genuine attempt to inform themselves of the relevant considerations and undertook a genuine assessment of those matters. A liquidator may take into account the anticipated consequences of a proposed resolution (including the consequences of the liquidator's own removal) when assessing whether a direction to convene a meeting is unreasonable. A formulaic recitation of the balancing exercise under r 75-250(2)(a) is not required.
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