Recently some 40 orchid growers suffered serious losses or the failure of their business because of the application of a pest control spray. We were involved in the mediated settlements of 10 of these claimants. Ensuring they received a fair settlement was not straight forward. read more.
Lenders can be forgiven for thinking that once they have registered a General Security Agreement on the Personal Property Securities Register , covering all of a borrower’s present and after acquired property, they can rest easy. Unfortunately, despite the “all present and after acquired property” description, if serial numbered assets (vehicles or aeroplanes) are involved, ... read more.
Insolvency Statistics – April 2014 Market Commentary The construction industry is still booming with consents, particularly in Auckland and Christchurch, reported to be up. Meanwhile, world dairy prices took a dive. News that hard pressed farmers will not have enjoyed. Those with greater borrowing will also have been dreading the OCR increase which finally ... read more.
Gerry Rea Partners are pleased to announce that, as from 01 April 2014, Matt Kemp is a partner of this firm. During his time with Gerry Rea Partners Matt has been involved in numerous insolvencies in a number of different business sectors. He has assisted a range of different clients and business successfully restructure ... read more.
It’s easy to get confused between the terms Bankruptcy and Liquidation. In other countries around the world they are interchangeable and, in some languages, mean the same thing. In Denmark, for example, an application must be made to the Court for the appointment of a Trustee in the Bankruptcy of either a company or an ... read more.
The collapse of Mainzeal Property and Construction Limited has been a wakeup call to many in the building industry. Since the repeal of the Wages Protection and Contractors’ Liens Act in 1987, there has been little protection afforded to subcontractors in the construction industry. The Construction Contracts 2002 was introduced to bring in a system ... read more.
The Personal Property Securities Act 1999 (PPSA), introduced sweeping changes to security documents in New Zealand and their registration. The legislation, which is based on a Canadian model, provides for the maintenance of a public on-line register, the Personal Property Securities Register. This register provides for the registration of security documents principally being of two ... read more.
Outline of the Process The Voluntary Administration regime is a relatively addition to our legislation. The objects of the regime are to: Provide for the business, property, and affairs of an insolvent company, or a company that may in future become insolvent, to be administered in a way that – read more.
The latest surveys are all telling us that things are improving. Retail spend is increasing and consumer confidence is on the up. Indeed, retail spending increased in January and February of this year (0.8% in February). SME’s are apparently more confident about the future too according to the MYOB Business Monitor survey issued in March. read more.
Somebody asked me this question the other day and it appears to be a common sentiment. With so much doom and gloom in the press about companies failing and the general fallout that occurs around large receiverships (Mainzeal being a good example), the big question has to be “When should the directors recommend liquidation?” read more.
