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Latest insights

Each Liquidation, Receivership, Voluntary Administration and Part XIV Compromise is different. As Insolvency Practitioners we get to deal with interesting case and unique part of the New Zealand Legal Framework daily. Below are some interesting aspects of our work, compiled in short and informative articles that seeks to explain the intricacies in plain terms.

Where does the money go, and how do liquidators get paid?

Understanding funding creditor agreements in New Zealand

Bankruptcy workflow

Cross-border insolvency in New Zealand: an overview

Receivership, a broad overview

Directors’ duties to insolvent companies, and the risks

Insolvency statistics

With liquidation numbers on the increase for several years consecutively, we are left wondering where the turning point is and how bad it can get. The answer may not be positive when considering the peak numbers of 2008, 2009 and 2010.

Total liquidations per year, 2001 - 2023

Although 2023 (1,982 liquidations) seems high compared to the last 3 years, the reality is that when compared further back to 2001 they have been at very low level relatively.

Below are three indicators that offer some insight into liquidations relative to number of companies:

2001: This year had the highest liquidation to incorporation rate over the past 23 years. 258,865 companies were registered with 1,932 liquidations recorded for the year, or 1 liquidation per 134 registered companies.

2009: The highest annual liquidations in a single year, with 3,433. It is important to note that in the 8 years prior, the total number of registered companies more than doubled, with 526,627: 1 liquidation per 153 registered companies.

2023: The number of companies in 2023 sat at 726,359, with a recorded 1,838 liquidations: That is 1 liquidation per 395 companies.

The annual proportion of liquidations to number of companies in total has declined significantly from 1 in 134 to 1 in 395.

Ebooks, Newsletters, Documents

News, Views, and resources from the insolvency sector. Waterstone has published various books, articles, and has a periodical publication called Waterline. Find all the resources below:

Insolvency in New Zealand

This is a guide to insolvency as practised in New Zealand. Here we look at the options facing companies, their directors and shareholders as they face the challenges of their

Voidable Transactions

The only way to truly explain the regime, and to understand how to protect yourself from being caught by it, is to understand the background and logic behind it.

Directors Risks

It is indeed impossible to describe the duty of directors in general terms, whether by way of analogy or otherwise. The position of a director of a company carrying on

Insolvency 101

The Media often use the terms Receivership and Liquidation interchangeably and for most practicable purposes the two regimes are identical but there are some important distinctions between them.

Waterline Edition 1

A new form of insolvency finally takes hold, a receivership in the South Island that puts us to the test, and changes to the way creditors can fund liquidations get

Waterline Edition 2

Many directors are successful in hiding assets, at Waterstone we know where to look. Plus: An example of what can be achieved when a firm in trouble goes quickly, as

Waterline Edition 3

Trading trusts and trustees for finance companies, the public downfall of a very questionable immigration firm, and TopGear roars into and out of VA.

Waterline Edition 4

Receivership vs. liquidation, personal liabilities faced by insolvency practitioners, and five fun insolvency facts.

Waterline Edition 5

Voluntary administration and the GSA, eleven interesting ways to become bankrupt, and the why of voidable transactions.

Waterline Edition 6

Crooks, rogues, and the insolvency profession, is your company solvent, and the first ‘Phoenix Offence’ company prosecution.

Waterline Edition 7

The psychology of debt collection, the savaging of Mr Good, and the misconception of limited liability.

Waterline Edition 8

The Construction Contracts Act, the power of section 261, and the Section 305 dilemma.

Waterline Edition 9

The Phoenix failure, trading trusts: a commercial monstrosity, and when can a bank accelerate?

Waterline Edition 10

What is voluntary administration good for, money laundering and North Korean guns, and PPSA gets some clarification.

The Solvency Test Worksheet

Insolvency Options Flowchart

INSOLVENT COMPANY? WHAT ARE YOUR OPTIONS?

Proof of Debt

Secured Creditor

Proof of Debt

Unsecured Creditor’s Claim

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