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    Court will not easily side with debtors who are slow to defend bankruptcy proceedings
    2013-04-03

    In Hutchins v Edwards [2013] NZHC 336, the High Court declined an application for an adjournment by a debtor who sought further time to liquidate property in order to pay a judgment debt.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy, Debtor, Debt, Liquidation
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Payday for innocent trustee
    2012-12-20

    The High Court of England and Wales has recently grappled with a lacuna in United Kingdom bankruptcy law, namely how the expenses of a trustee in bankruptcy should be dealt with where the bankruptcy order from which he derives his title is successfully overturned on an appeal of which he was not notified? The Court ultimately found that it was within its inherent jurisdiction to hold the bankrupt liable to pay the trustee's reasonable expenses. However the case highlights the gap in the United Kingdom's bankruptcy laws in failing to provide adequate guidelines in this scenario.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    Court of Appeal affirms the imposition of trading restrictions on a bankrupt
    2012-12-20

    Armitage v Established Investments Limited (in liq) involved an appeal by an undischarged bankrupt (A), against a High Court decision imposing conditions that A was not to engage in business for three years following discharge at the end of his bankruptcy. The High Court had also ordered that the period of bankruptcy was to be extended for three years beyond the statutory three year period, although A did not challenge this aspect of the High Court decision.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Legal update on insolvency law - August 2019
    2019-08-16

    In Robt. Jones Holdings Limited v McCullagh [2019] NZSC 86, the Supreme Court unanimously held that it is unnecessary for a liquidator to prove that any payment actually diminished the assets of a company to claw back that payment under s 292 of the Companies Act (Act). 

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    The bankrupt forgives, but will the official assignee forget?
    2012-03-30

    Official Assignee v Mayers and Ors concerns the common practice of forgiveness of debt owed by a family trust and the consequences of such a gifting programme in the event of the bankruptcy of the lender.

    Filed under:
    New Zealand, Banking, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Buddle Findlay, Bankruptcy, Debt
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Bankruptcy used as a weapon of oppression
    2017-12-12

    In Re Willis, Eileen Willis (Anne) applied to annul a bankruptcy order made against her on the application of her former husband, Leslie Willis.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Authors:
    Bridie McKinnon , Oliver Gascoigne , Matthew Triggs , Myles O'Brien , Susan Rowe , Peter Niven , David Perry , Scott Abel , Kelly Paterson , Scott Barker , Willie Palmer , Jan Etwell , David Broadmore
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    No stay of bankruptcy pending appeal
    2011-12-19

    Justice Ellis recently confirmed the position applicable when a bankrupt applies for a stay of the decision adjudicating the debtor bankrupt pending appeal.

    Mr Cary had been made bankrupt on 12 September 2011 as a result of a long outstanding debt to Trustees Executors Limited.  His opposition to the bankruptcy was based solely on the fact that Mr Cary thought he should be given more time to advance a proposal to creditors under Part 5 of the Insolvency Act 2006.  This was rejected by the Court for a variety of reasons, and the adjudication order made.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Official Assignee claws back insolvent gifts
    2017-12-12

    Ms P was on her way to bankruptcy. Mr W, a friend and adviser, helped her to gift funds from an inheritance to a family trust. Mr W moved the funds around his own accounts (including his family trust account and business accounts). Ms P was then adjudicated bankrupt.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Authors:
    Bridie McKinnon , Oliver Gascoigne , Matthew Triggs , Myles O'Brien , Susan Rowe , Peter Niven , David Perry , Scott Abel , Kelly Paterson , Scott Barker , Willie Palmer , Jan Etwell , David Broadmore
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Bankruptcy notice not defective
    2011-12-19

    In Stockco Ltd v Denize the applicants sought an order to set aside bankruptcy notices on the ground that the creditor had not complied with High Court Rule 24.8(3).  That Rule requires that a certified copy of the judgment or order on which the bankruptcy notice is based must be attached to the bankruptcy notice.  The applicants claimed that the notice was defective as it was served separately from copies of the judgment.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Two halves make a whole in bankruptcy
    2017-06-29

    In 2013, Mrs Hanara was adjudicated bankrupt.  The Assignee subsequently disclaimed Mrs Hanara's half-interest in a Hastings property (the Interest), in which Mrs Hanara had very little equity.  In 2016, the owner of the other half-share in the property, Mr Hanara, was also adjudicated bankrupt.  The Assignee, acting in respect of both bankrupt estates, looked again at the likely equity that might be available in the property.  The Assignee considered that, on its own, Mr Hanara's one half- share in the property would be unsaleable and therefore applied under s 119

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy
    Authors:
    Matthew Triggs , Scott Abel , Myles O'Brien , Susan Rowe , Kelly Paterson , David Perry , Bridie McKinnon , Willie Palmer , Jan Etwell , Peter Niven , David Broadmore , Scott Barker
    Location:
    New Zealand
    Firm:
    Buddle Findlay

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