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 potential insolvencies and general banter.
11:00am – LIVE RECEIVERSHIP; A secured creditor needs to appoint you as a receiver over a live business to protect its assets. Quickly review security documents, arrange indemnity and formal appointment. Now arrange a meeting at the premises for the staff.
12:30pm – Assess the business and consider recovery options i.e. do you keep trading and sell as a going concern or just sell the assets. Its a lot to consider.
3:30pm – The business will be sold as going concern, having reached out to the landlord, clients and staff, there is enough support to continue trading for 2 weeks. This will allow enough time to hopefully attract a suitable buyer.
4:00pm – Put key staff short term contracts and secure the premises and assets.
5:00pm – Check in at the office to discuss any other urgent files and potential legal issues on other recoveries. Start making some calls to see if you can find a buyer for the new receivership.
6:00pm – meeting in town to discuss a potential new liquidation with contacts.
As you can see, a day in the life of a liquidator (and receiver) is busy and not just static desk work. It involves real world problems, going out to sites and making decisions under tight time pressures. There is a considerable impact on the directors, staff, clients and landlords involved.
We aim to minimise the impacts and above else ensure that that our strategies are efficient and well communicated to hopefully achieve the best outcomes in difficult circumstances.
If you have would like to discuss your options for recovery or insolvency, please contact us to book in a time to meet to discuss in person or over the phone.