Insolvency Statistics – May 2015 Market Commentary It’s been an interesting week in Europe. Apart from the, apparent, shock Conservative victory in the General Election, the Scottish National Party took 50 out of 56 Scottish seats. With the risk of a second referendum on Scottish Independence and the certainty of a referendum on the ... read more.
Hands Off! A recent Court of Appeal decision has prevented the Official Assignee gaining access to the Kiwisaver funds of individuals who have been declared bankrupt. The decision will no doubt anger many creditors who were hoping to receive some recompense. read more.
Did Creditors Really Win? While there has been some rejoicing from the creditors involved in the recent “Fences & Kerbs” Supreme Court decision last month, the wider question has not been answered. Have trade creditors, in general, benefited from this decision? The New Zealand Voidable Preference regime dates back to early English insolvency ... read more.
Insolvency Statistics – April 2015 Market Commentary With Dairy prices at a low, it should have come as no great surprise that Fonterra reduced its forecasted dividend. Share prices have dropped and forecasters are suggesting, with production down, farmers will be looking to sell more shares which will reduce the price further. In ... read more.
When Asset Stripping Goes Bad The Companies Act provides a liquidator with a number of options for recovery against third parties (including directors) when a company has been subject to asset stripping. When a company is placed into liquidation, the liquidator has various powers and duties under the Companies Act, including reviewing transactions ... read more.
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.
