New Zealand

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More Money Recovered from Alleged Ponzi Scheme

Liquidators have recovered a further $35,000 from clients who go more money out than they put into an alleged Ponzi scheme. A Christchurch forex firm, which traded as BlackfortFX, has been in receivership since May 2015 after the Financial Markets Author ...

Daily Headline - global.abi.org - 02/23/2017 - 22:37 - 0 comments

Number of NZX-Listed Companies to Shrink

The number of companies listed on the New Zealand sharemarket will continue to shrink this year, according a forecast on the capital markets. Law firm Chapman Tripp has released a trends and insights report on New Zealand's Equity Markets and is pre ...

Daily Headline - global.abi.org - 02/16/2017 - 22:34 - 0 comments

Pumpkin Patch Stores To Close By Mid-February

The receivers of Pumpkin Patch will have all stores closed by mid-February after they couldn't entice a buyer for the failed children's wear chain, which traded through the traditionally busy holiday period, The New Zealand Herald reported. ...

Daily Headline - global.abi.org - 01/22/2017 - 20:04 - 0 comments

Pumpkin Patch Owes ANZ Bank $59.5 Million

Pumpkin Patch owes its bank nearly $60 million and its unsecured creditors another $13.2m. A receivers' report by Brendon Gibson and Neale Jackson of KordaMentha shows the children's clothing company, which was put into receivership in October, ...

Daily Headline - global.abi.org - 12/27/2016 - 23:48 - 0 comments

Chow Brothers Buy Fire Business From Receivership To Protect Loan

Millionaire property magnates the Chow brothers have been forced to buy a fire services company to protect a bank loan they bought earlier this year, Business Day reported. Michael and John Chow, with their business partner Clint Webber, made a quick ...

Daily Headline - global.abi.org - 12/15/2016 - 20:58 - 0 comments

Wynyard Group In Voluntary Administration

Software company Wynyard Group has been put in voluntary administration. KordaMentha partners Neale Jackson and Grant Graham have been appointed administrators of the company, which creates security software for use by companies and law enforcement agenc ...

Daily Headline - global.abi.org - 10/24/2016 - 21:33 - 0 comments

Student Loan Borrowers Seeking Bankruptcy As Millions In Debts Wiped Due To Insolvency

Overseas graduates declaring themselves penniless are among the 483 debtors whose $18 million in students loans have been wiped by bankruptcies, Stuff.co.nz reported. Inland Revenue has revealed the latest figures as the amount owed by student loan defau ...

Daily Headline - global.abi.org - 10/03/2016 - 00:38 - 0 comments

Plan To Regulate Insolvency Sector Welcomed

A plan to regulate the insolvency sector and shut down unscrupulous operators is being welcomed by an industry body, Radio New Zealand reported. The government has released the first part of a review into insolvency laws, which recommends licensing for p ...

Daily Headline - global.abi.org - 09/01/2016 - 23:53 - 0 comments

Insolvency Practitioners Face New Licensing Regime

New Zealand's insolvency practitioners look likely to face a new licensing regime after a report to Commerce Minister Paul Goldsmith found that gaps in existing rules enable dishonesty and incompetence, The New Zealand Herald reported. The publi ...

Daily Headline - global.abi.org - 08/25/2016 - 23:57 - 0 comments

Creditors Vote To Put Woosh Wireless Into Liquidation

Woosh Wireless' creditors, thought to be owed almost $13 million, have voted to put the troubled internet provider into liquidation, The New Zealand Herald reported. The business was founded in 1999 and has burned through more than $100 million ...

Daily Headline - global.abi.org - 07/05/2016 - 23:04 - 0 comments

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