Section 299 of the Companies Act 1993, and the court’s role in setting transactions aside.
When a company is placed into liquidation, the liquidator of the company has several avenues of recovery available for the benefit of the company’s creditors. A liquidator can apply to the court to have transactions set aside due to being voidable. One method is through the mechanism of section 299 of the Companies Act 1993 […]
Are there circumstances when the time limit does not apply?
Section 11 of the Limitation Act 2010 – are there circumstances when the time limit does not apply? Section 11 of the Limitation Act 2010 (the Act) provides a defense against money claims when a claim is filed 6 years or later after the date of the act or omission on which the claim is […]
Case law update: Application to remove court-appointed administrator
Application to remove court-appointed administrator of body corporate by trustees of trust in receivership – s 248 Companies Act 1993 The trustees of Link Trust (No.1) (the Trust) filed an application to remove Mr Gambitsis (the Administrator) as administrator of Body Corporate 68792 (the Body Corporate), due to various complaints regarding the conduct of the […]
Serving documents overseas – Is a bankruptcy notice an originating document?
Rules 6.27 and 6.28 of the High Court Rules 2016 (the HCR) set out the process for when you want to commence to serve proceedings on a defendant or respondent overseas. Rule 6.27 sets out the scenarios where you do not require leave of the court to serve proceedings on a defendant overseas. However, it’s […]
To the great white north and back, to Waterstone
A decade can be a pivotal span in one’s life, filled with experiences, growth, and change. For me, it involved a journey that took me across the Atlantic to Canada. After spending ten years in the Great White North, I find myself back in the place I once called home: Christchurch, New Zealand. In 2011, […]
Case law update: Court found liquidator’s appointment invalid, then reappoints same liquidator.
Liquidators and a major shareholder of Podular Housing Systems Limited applied to the court for orders to confirm the validity of the appointment of the liquidators. The company has two shareholders, the second application was a 95% majority shareholder, and the respondent is a 5% minority shareholder. The respondent is also the sole director of […]
Waterstone win in the Court of Appeal – Grant v Montgomerie [2022] NZCA 483
Waterstone has recently been involved in some precedent setting litigation in the Court of Appeal. The appeal court has ruled that current and former directors are obligated to provide books and records to the appointed receivers. The company Bassett 43 was a company undertaking a potential hotel development project in Auckland CBD on Hobson Street. […]
Looking to place your limited partnership into voluntary administration?
In the words of Lao Tzu: “If you do not change direction, you may end up where you are heading”. Voluntary Administration (VA) is a process that can be used as you attempt to rescue your business that might be experiencing financial difficulty. The main goal would be to avert liquidation. The limited partnership (LP) […]
Pitfalls of Growing Too Fast
Pitfalls of Growing Too Fast A factor that I have often come across in my extensive career as an Insolvency Practitioner, is a company recently incorporated which has a successful first year in business, expands dramatically in its second year and comes crashing down soon thereafter. Often, although not always, at the helm of the […]
Workflow efficiency
An efficient workflow improves productivity and eliminates unnecessary tasks and costs. It plays a crucial role for every company. From hiring a new employee, onboarding new clients, signing up to a supplier to following on with after-sale service. All processes needed to be planned to ensure its completeness and efficiency. Here are a few ways […]
