PUBLICATIONS
90 NINE problems, but a debtor ain’t one.
Selling a Debt: The Legalities, The Contract and the Forbidden
Many businesses struggle with bad debts. Unpaid debts can financially cripple a business, and the time and/or cost of recovering that debt may exceed the…
Voidable Transactions: The Rationale
If you have ever ‘stood-by’ a customer who is going through a rough patch by continuing to supply goods/services on credit and holding off on…
Appointment of liquidator by shareholders
A company may be placed into liquidation by passing of a special resolution of its shareholders (see ss 106 and 241(2)(a) of the Companies Act…
Statutory demands: the Basics
So you want to serve a statutory demand. What does it mean? What are the consequences? What must the debtor do and by when? These…
Appointment of liquidator by creditors
Most commonly, creditors appoint a liquidator by utilising the statutory demand process (if the debt is more than $1000) and then if unsatisfied, file an…
Interim Liquidators’ Appointment
On Occasion, it is useful to appoint an ‘interim liquidator’ to hold the fort while the usual process is traversed. The Court may appoint an…
Corporate Trustees: How to Liquidate
Liquidation of Corporate Trustees. It is well reported that New Zealanders are keen establishers of trusts. Thanks to trusts, property owners are able to create…
Injunctions to stop a Company Receivership
Receivership is a process in which a secured creditor appoints a receiver to collect and sell the debtor’s assets over which the secured creditor has…
Bankruptcy in brief
If debtors don’t or can’t pay, it can result in bankruptcy. Bankruptcy can occur when an individual is unable to pay their debts as they…
Alternative to bankruptcy: No Asset Procedure
If a debtor is unable to repay its debts and believes there is no prospect of this changing, the No Asset Procedure (“NAP”) provides an…
Alternative to bankruptcy: Compositions and Proposals
Part 5 of the Insolvency Act 2006 enables a debtor to enter into an arrangement with creditors. Part 5 may be a good alternative for…
Enforcement of Judgments: Attachment Order
An attachment order is an order directing the judgment debtor’s employer to deduct a specific sum (or percentage) of the judgment debtor’s wage/salary (or even…
Enforcement of Judgments: charging and selling property, garnishee and possession orders
If you have judgment, you can possibly obtain a warrant to seize property and sale, possession, charging and garnishee orders. All these options provide the…
Duties of a bankrupt and consequences of failure to comply
Bankruptcy is a way to relieve a person of debts they owe to creditors, and where possible, repay those debts from the bankrupt’s estate. It…