Suppliers need to get their act together The Personal Property Securities Act came into force in 2002 and yet we are still finding suppliers who have failed to protect themselves. In many cases, they are relying on the old “Romalpa” or “retention of title” clauses in the terms and conditions or, in many ... read more.
A Secured Creditors Dilemma: To Vote or Not? When a company is placed into liquidation, it can sometimes be quite tempting for a secured creditor to vote at a meeting of creditors. This is not always such a great idea. Under regulation 22(2) of the Companies Act 1993 Liquidation Regulations, a secured creditor ... read more.
Insolvency Statistics – March 2015 Market Commentary Dairy prices are in the headlines again. Despite numerous prices increases at a number of consecutive auctions, the price at the last auction dropped dramatically. It has the media asking if the 1080 threat has had an effect. Meanwhile, Cyclone Pam caused dramatic damage and loss of ... read more.
The End Of Voidable Transactions? – Not Quite The release of the Supreme Court decision relating to voidable (insolvent) transactions has had quite a bit of commentary in the media. While the decision may curtail some voidable transaction actions taken by liquidators, suppliers will still need to be alert to the potential insolvency ... read more.
What happens to my company when I’m made bankrupt? This is an interesting question that many people fear to ask but one that we get asked a lot. Most businesses in NZ are run by owner/operators. They are both the directors and shareholders of the business. When they start the business, they usually don’t ... read more.
Insolvency Statistics – February 2015 Market Commentary Dairy farmers are under significant pressure at the moment with low dairy prices. The prospects don’t look great with the prospect of a drought in parts of the country. It does make you wonder how much pressure the average dairy farmer can take. read more.
Old Value versus New Value Insolvency practitioners are waiting with interest for the release of a Supreme Court decision in relation to insolvent (voidable) transactions. The reserved judgment is an appeal from a 2013 Court of Appeal decision in relation to three creditors who were subject to insolvent transaction actions from liquidators. ... read more.
Economic Disparity Claims S.15 Property (Relationships) Act 1976 On separation, you may be able to claim a larger share of the available assets because of the division of duties during the relationship. For simplicity let us refer to the parties as husband and wife (we are somewhat old-fashioned) they could be partners, same ... read more.
Insolvency Statistics – January 2015 A Year in Review 2014 was a slow year for insolvency appointments which have dropped to levels not seen since before both the GFC and the finance company crashes. The graph below shows the insolvency appointments (liquidations, receiverships and administrations) for the last four years. The drop is clear, ... read more.
Market Commentary – January 2015 The situation in Greece is worrying and the potential knock on effect to the rest of the world cannot be underestimated. If their banks are allowed to fail, Europe will bear the brunt of the crisis but in this global economy no country will be truly safe from any ... read more.
