Do all Liquidators act professionally? Our current law in New Zealand is very relaxed on the issue of malpractice by liquidators. There is draft legislation awaiting passage through Parliament, which will provide for the potential banning of an individual from accepting appointment as a liquidator. But the proposed legislation will require proof of bad ... read more.
Insolvency Statistics – September 2014 Market Commentary It’s hard to write a commentary on current business markets in NZ without mentioning the Election. As always, an election overshadows everything else as businesses keep a close eye on the promises of, and policies being promoted by, the various political parties. Who gains power and what ... read more.
The Cost of Copyright Infringement If someone steals your idea what can you recover? Assuming you can prove your idea, invention or design has been copied and is being sold by someone else, there are two options in determining what you can recover. You can be put back in the position that ... read more.
Insolvency Statistics – August 2014 Market Commentary Dairy prices are back in the news and they aren’t making NZ farmers happy. Prices are dropping due to increased production overseas (ironically on the back of high prices last season) and from China stockpiling. So, all of a sudden, the world is over supplied. Perhaps, Fonterra ... read more.
Do You have an Exit Plan? Business under performance and lack of shareholder readiness to exit businesses to maximize the financial returns from a business are major issues facing the growing tide of baby boomer SME owner/operators who are looking to retire in the next decade. Many owners are heavily involved in the ... read more.
Insolvency Statistics – July 2014 Market Commentary New Zealand recorded a $1.4 billion current account surplus in the March quarter according to NZ Statistics. The results were strengthened by meat and dairy exports. Fonterra seem keen to spend more money with an announcement that a new dairy hub costing $342m would be developed in ... read more.
Gerry Rea Partners are pleased to announce that Warren Kitchin joined our team in July. Warren is a Chartered Accountant with extensive commercial experience in a range of industry sectors including; Aviation, Travel/Tourism, Horticulture, Import/Distribution, Automated Property and Public Facility Management and Information Technology. Warren specialises in providing business transformation services to clients ... read more.
Am I Personally Liable as a Director? In last month’s newsletter, we highlighted the issue of directors and the potential risks of trading while insolvent, and more seriously, trading recklessly. This month we briefly highlight some of the more common liability issues directors may face when a company is in financial distress or liquidated. ... read more.
Why don’t Liquidators sue the Directors? There is a common misconception among unsecured creditors of companies in liquidation that all that is required to recover the situation is for the liquidators to sue the directors. Many are aware that reckless trading provides grounds for action by liquidators against directors. However they are often less ... read more.
What are the advantages of Liquidation? This is the sort of question we get asked a lot. What are the advantages of liquidating? Wouldn’t it be better to just allow the Company Registrar to strike it off? Every situation is different and so there isn’t one solution for every company’s problems. Liquidation is ... read more.
