What we do

Waterstone specialises in recovery and insolvency appointments, consulting & advice to firms in distress or turnaround scenarios and providing expert evidence for court proceedings when called on.

Liquidation

When a company goes insolvent, a liquidator can be appointed by either shareholders or the Court. Liquidation is New Zealand’s most common type of insolvency and can also be part of a wider re-organisation/restructure. Once a liquidator is appointed, they are in control of the company.

Receivership

Receivers work to protect and realise the assets of the company for the benefit of their appointor. Unlike liquidation, the receivership is a contractual relationship between the borrower and lender and not a legislative consent.

Consultancy & Advisory

Getting the right advice is the first, and possibly the most important step in handling the affairs of a company in distress. With years in the industry, Waterstone prides itself on provide the right advice at the right time.

Part 14 compromise

A part 14 compromise is an agreement between a company and its creditors, that the company will pay back their debt in part or in full over a certain period. Debts are then frozen, and legal action against the company regarding the debt suspended during compromise period.

Voluntary administration

Voluntary administration (VA) is an insolvency process for companies facing financial hardship that could lead to insolvency. Once an administrator is appointed, their role is to assess the business and seek outcomes that allow the company to continue on.

In-house expertise

Waterstone is one of the only insolvency firms in New Zealand with an in-house team of lawyers.

Recovery & insolvency work is highly legal in nature. Insolvency law is a specialised field and Waterstone invests in its legal team to ensure that we have the knowledge and capability to progress appointments in an effectively.

Litigation

Having in-house lawyers gives the practice the ability to review and take on litigation and recovery matters even when there are limited funds. This has allowed us to generate outstanding results for creditors. Our deep legal knowledge also assists when providing expert evidence for court matters.

Transactions

In many cases speed is key. Having access to a team of lawyers to draft settlement agreement, sale and purchase agreements and deeds, often is the difference between securing a deal or losing it in the moment.

Advice

Knowing your rights and having the confidence to explain these rights to others is a powerful tool in resolving legal disputes. Having lawyers who know the business and have access to the relevant research tools has proved invaluable for the practice.

Case studies

Waterstone takes prides in the work and outcomes that it achieves. The team have published a series of case studies that describe successful appointment outcomes. Waterstone regularly tests the law in court and this work has contributed to the general body of case of law on insolvency.

Case summary: Grant & Botterill v Bank of New Zealand

October 9, 2024

Who has the right to appoint a liquidator to a subsidiary company when the group is in receivership?

Case study: extraterritorial effect for overseas-based creditors

September 10, 2024

The financial perils of an overdrawn current account

July 11, 2024

Case law update: Shareholders or creditors?

July 11, 2024

Case law update: Does the liquidators’ power to obtain documents extend extraterritorially

March 12, 2024

Successful procedures during recent shareholder dispute liquidation

February 13, 2024

Judgements

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