A day in the life of a liquidator
A day in the life of a liquidator – a lot of decisions 8:30am – Arrive at the office; check any emails that have fired in overnight, review the NZ Gazette and any relevant new cases. Check progress on files with staff. 10:00am – All staff WIP meeting to discuss active files, legal actions, new […]
Will the employee get paid when the company goes into liquidation?
It is sad whenever I visit a business with the liquidator and inform the employees about the liquidation. It is even worse to see the helpless employees are left unpaid for the work they performed. Usually, when we say a company has been put into liquidation, that means the company is no longer able to […]
THE VEXED QUESTION OF FINES IN A LIQUIDATION
Whenever I receive notification of a fine incurred before the liquidation, I advise the relevant authority of the liquidation and thereafter ignore the fine. I suspect most of my colleagues in the profession adopt a similar approach. Fines and Penalties are dealt with under Section 308 Companies Act which provides that: “Nothing in this Part […]
COVID-19 – Insolvency Relief for Business
7 April 2020 The global COVID-19 pandemic has caused global disruption to life, liberty, and commerce. Along with tragic death and illness, COVID-19 is straining and shutting down borders. businesses, supply chains puts the livelihoods of people at risk. Closer to home, the NZ Government has taken the unprecedented step of banning the non-essential movement […]
Is Inflation coming back?
Inflation, for many New Zealanders, is either a distant memory, if they are old enough to remember it at all. It has been forty years since we have had to grapple with the curse of significant price uncertainty. Are these days about to end? Scarcity as a source of inflation Throughout our economy […]
Is Big Government Back?
Since 1984 New Zealand has embarked on what has been labelled a ‘neoliberal’ course. We have been moving away from the Roger Douglas and Ruth Richardson agenda under recent governments of both National and Labour, but many of the core reforms have remained intact. Are we going forward to the past? Think Big! In reaction […]
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 […]
