Global Economic pandemic due to COVID19 is worse than 2008 financial crisis.
Damien Grant from Waterstone Insolvency wrote in NBR a mere two years ago of the unsustainable nature of the monetary and fiscal strategies being pursued by governments and monetary authorities. In it he declared “The economic good times are funded by debt-fuelled consumer spending and malinvestment by firms tricked by the low cost of capital. […]
COVID-19 and the next economic recession
We’re plunging into the biggest period of uncertainty since the GFC, but it isn’t 2008 that we should be looking back to. It is 1929.
Is a bulldozer a motor vehicle?
Two firms scrap over a bulldozer
Asking your creditors for help?
Many small business owners find themselves swamped in debt. A big client falls over and leaves a large unpaid bill, or a planned expansion goes terribly wrong and suddenly what was a profitable little business is facing ruin. The Companies Act has a simple process, called the Part 14 Compromise (named after part 14 of […]
Is regulation finally here?
In April 2010, back when New Zealand had only one Rugby World Cup title and the Warriors had yet to win a NRL Premiership, the Hon Judith Collins introduced the Insolvency Practitioners Bill to Parliament. Ms Collins brought to Parliament’s attention a great problem. Hon Judith Collins: “Almost anybody, as long as they are not […]
Mainzeal and Ebert
Mainzeal collapsed in 2013. Creditors lost a staggering $110 million dollars. It has taken the liquidators six years to get a win in court, with the High Court finding the directors collectively liable for thirty six million, a third of the total losses of the company. Ebert was a smaller construction firm but their losses […]
The Failure & Judgment of Mainzeal
Damien and Brent discuss the rise and fall of Mainzeal and the issues around the recent judgement.
Will we crash, or stall?
Has our debt levels doomed the buoyant economic weather?
So how do Voidable Transactions exactly work?
Consider two conflicting public policy goals: 1. In a liquidation all creditors are to be treated equally, paid according to the priority set down by Schedule seven (staff first, overdue GST and PAYE, then unsecured creditors). 2. It is important that suppliers to firms in trouble continue to supply, enabling struggling firms an opportunity to […]
“But I own it” – then PPSR it!
If your business sells goods, leases goods, or provides consignment stock and you do not know what the PPSR is, then it’s time to educate yourself!
