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.
Insolvency Statistics – June 2014 Market Commentary World dairy prices have hit a 15 month low with Fonterra signalling a forecast milk price for 2014/2015 of NZ$7/kg and that, it has warned, might be revised further downwards. This was gloomy news for farmers indeed and will no doubt have them questioning why Fonterra has ... read more.
Insolvency Statistics – May 2014 Market Commentary Despite the OCR rise, and more on the way which will start to cause problems for those with high lending, house prices remain high. Some commentators are suggesting a drop while others are hedging their bets. Certainly, the number of houses sold was lower in April than ... read more.
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.
