This schedule deals with creditors that have a priority claim to proceeds of realisations from a company in liquidation. While many creditors are aware that this schedule gives priority in the main to employees and the IRD, there are several key points to note: Employee Claims Clause 1 1(2) Covers employee claims. Not all employee

Personal insolvency proposals are common place in Australia but rarely ever used in New Zealand. If successful a proposal under Part 5 of the Insolvency Act 2006 can avoid an individual being made bankrupt. Rules of personal insolvency proposals vary from some standards that apply to company compromises. These include: a) The need for the

In recent months we have noticed an increase in the number of Limited Partnerships being placed into liquidation and/or Receivership. Limited Partnerships are entities developed in accordance with the Limited Partnerships Act 2008. In reality they are an entity that allows individuals / corporate entities to claim tax losses while retaining the ability to limit

In New Zealand, the vast majority of receivers appointed to debtor companies are appointed by a creditor of the company pursuant to a contractual power contained in a security agreement. A Creditor has no power to appoint a receiver in absence of a contractual right to do so. A contractual term giving the power to

At Rodewald Consulting we handle a number of company financial turnaround assignments each year. The majority of these assignments are at the request of the company lenders. In the main, the financial issues have been caused by failures in management and governance. A number of common issues that arise include:  A lack of proper financial