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Mainzeal – Directors liable for reckless trading

The Directors of Mainzeal had damages awarded against them for breaches of Directors' Duties of $36m. In the recent High Court ruling, the breaches were acknowledged through their continued reckless trading in continuing to run the company whilst insolvent.

by admin / date: Feb 28, 2019 / 0 Comments

Early warning signs of Insolvency

For most businesses, their running cash flow is not always sufficient, or, the seasonality of your work may mean that there are times of feast and famine which are difficult to account for. The general rule of how most Directors react to this is borrowings, finance o

by admin / date: Feb 22, 2019 / 0 Comments

Bethany’s Limited (in Liquidation) – Successful Sale

Popular Palmerston North eatery, Bethany's has recently been sold to new owners by the Liquidator, Imran Kamal, following a successful period of trading whilst under liquidation. Following Bethany's Limited being placed into Liquidation, Mr. Kamal, decided that the b

by admin / date: Feb 22, 2019 / 0 Comments

Facing Insolvency? You have 4 options

If you are the Director or shareholder of a distressed company you’ll want to be sure that you are aware of your four main alternatives and what they involve: 1. Creditors compromise 2. Voluntary administration 3. Receivership 4. Liquidation

1. Creditors co

by admin / date: Feb 22, 2019 / 0 Comments

Methods of placing company into Liquidation

There are several ways a company can be placed into liquidation. However, in most cases, liquidation occurs either involuntary through a Court order, or voluntary through a shareholder’s resolution. In this article, we briefly outline the procedure for both methods

by admin / date: Feb 22, 2019 / 0 Comments