Covid-19 Special The true financial impact on businesses in light of the Covid-19 virus and the subsequent lockdown is about to be felt in the near future. We recommend that if your business or someone you advise is experiencing cashflow and solvency issues to seek advice a...
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What is the Role of a Receiver? A Receiver is appointed either under a general security agreement (GSA) or a deed, or less  frequently, by the High Court. Receivers are most commonly appointed over all present and after-acquired personal property and undertaki...
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Continuing to trade while insolvent may see a director charged with reckless trading resulting in personal liability for the debts incurred by the company.  Under section 135 of the Companies Act 1993, a director of a company must not cause or allow the business of that...
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A curious thing happens when a director believes their company is about to be insolvent. Whereas the legal obligation of the director up to this point has been to promote the best interests of the company, (Companies Act 1993 Section 131)  a director’s priority m...
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Qualifying Companies (QC) have been around for some time; in fact my well-thumbed guide comes from 2005. Qualifying Companies are almost a thing of the past as no new ones can be created, but there are still some that exist. There are big pluses to being a Qualifying Comp...
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The business has been struggling for some time. There are debts to the IRD namely GST and PAYE and you haven't completed a tax return for the last one maybe two years. There is a few trade creditors but not huge. You have made the decision to sell up and pay the creditors of...
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PAYE Debt is the worst

August 15, 2016
If you have clients' whose Companies are struggling and have been for some time, it's best to stop the bleeding. If the Company has lost too much money, it may be dead anyway. If a Company continues to trade whilst insolvent the Directors are in breach of the Companies Ac...
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Liquidations are a specialised area that we have undertaken on a small scale in the past. However, through our affiliation with experienced Liquidator, Rod McKenzie, we saw the opportunity to put these skills to good use and have developed the insolvency side of the busine...
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The Supreme Court thrown out the Inland Revenue's "super priority" claim on insolvency won in the High Court. If a Company runs into financial difficulty, and a Liquidator is appointed; and on the date of appointment the Company has money in its Bank account; which credito...
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