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 […]
What is a Voluntary Administration for?
Voluntary Administration was designed to assist companies seeking options to trade their way out of insolvency.
Uncertain Times
The rise in the OCR has generated a lot of economic commentary, including from some in the insolvency industry known to have a passion for self-promotion. Few commentators, however, pointed out the incongruity of the Reserve Bank rising interest rates to dampen down demand, while the Finance Minister is handing out helicopter-money to over two […]
It’s all in the game
Often Insolvency Practitioners encounter a situation in a shareholder(s) appointment of a liquidator, where it becomes apparent that the liquidation has been manufactured after the director(s)/shareholder(s) have structured the affairs of the company in such a way that assets are often taken over at undervalue by another company controlled by the same director(s)/shareholder(s) leaving various […]
Receivership v Liquidation
Receivership and liquidation are both formal insolvency processes for companies in distress. However, they are not the same and have differing purposes. Commonly, people are confused by the differences and this blog will explore what they are. Receivership Receivers are commonly appointed as a manager overall a company’s property. This includes physical assets (motor […]
