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    Court permits the appointment of liquidators who would otherwise be disqualified
    2012-06-29

    In the case of Southbury Insurance Ltd v Black, Messrs Downey and Black, the receivers of South Canterbury Finance (SCF) successfully sought permission from the Court to be appointed liquidators of Southbury Insurance Limited (Southbury) despite being disqualified under section 280(1) of the Companies Act 1993 (the Act).

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    First ranking chargeholder retains its interest upon property vestment
    2011-12-19

    In Fenland District Council v Sheppard and others, FDC had spent £72,000 making a derelict property safe, which by the hearing date was worth less than half that amount. FDC registered the property improvements as an interest in the property, (indisputably) in priority to the prior mortgagee.

    When the property's owner was adjudicated bankrupt, the bankrupt's trustee disclaimed the property (under a provision similar to section 117 of the NZ Insolvency Act). FDC sought to have the property vested in it, on the condition that the mortgagee's charge be removed.

    Filed under:
    New Zealand, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Bankrupt receives a three year extension to bankruptcy period
    2011-10-04

    In Official Assignee v Spencer, Mr Spencer's bankruptcy period was extended from three to six years due to his conduct and failure to comply with his obligations under the Insolvency Act 1967 (Act). 

    Mr Spencer was adjudicated bankrupt for the second time in August 2007 and was due to be discharged from bankruptcy in 2010.  However, the Official Assignee objected to Mr Spencer's discharge and asked the Court to exercise its discretion and decline to order the discharge.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Bankruptcy, Bankruptcy discharge
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    The payment of Allan Hubbard's legal fees
    2011-07-01

    The government placed the Hubbards, their companies (Aorangi Securities and Hubbard Management Funds), and seven charitable trusts in statutory management in June 2010. 

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, White Collar Crime, Buddle Findlay, Security (finance), Attorney's fee
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Residual powers of directors of a company in receivership
    2010-12-17

    The residual powers that directors of a company in receivership have to commence a claim by that company without the receivers' consent were recently considered by the High Court.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Former liquidator found guilty of fraud and perjury charges
    2020-09-07

    Former liquidator Geoffrey Smith has been convicted on six charges, including stealing $130,000 from two companies to which he had been appointed liquidator. Mr Smith was also convicted of perjury in connection with the same liquidations.

    Filed under:
    New Zealand, Insolvency & Restructuring, Buddle Findlay
    Authors:
    Bridie McKinnon , Oliver Gascoigne , Matthew Triggs , Myles O'Brien , Annie Cao , Luke Sizer , Peter Niven , David Perry , Scott Abel , Kelly Paterson , Scott Barker , Willie Palmer , Jan Etwell , David Broadmore
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Legal update on insolvency law - April 2020
    2020-04-09

    High Court provides guidance on voluntary administration and creditors’ meetings under COVID-19 Alert Level 4

    A recent decision of the High Court provides helpful guidance for insolvency practitioners on how aspects of the voluntary administration regime should operate in the context of the COVID-19 pandemic.

    Filed under:
    Australia, Hong Kong, New Zealand, United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay, Board of directors, Liquidation
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Willie Palmer , Peter Niven , Myles O'Brien , Bridie McKinnon , Matthew Triggs , Oliver Gascoigne , Luke Sizer , Annie Cao
    Location:
    Australia, Hong Kong, New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Parent company controlled litigation and ordered to pay non-party costs
    2019-08-20

    Non-party costs are exceptional and are only awarded when it is just to do so and when 'something more' about the non-party's conduct warrants costs.  The involvement of a parent company in litigation and avoiding a realistic settlement is an example of the 'something more' requirement being met.  In Minister of Education v H Construction North Island Ltd (in req and liq) [2019] NZHC 1459, the High Court found that McConnell Ltd's (McConnell) actions in this litigation warranted awarding non-party costs and disbursements of over a million dollars.

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    Scott Barker , Willie Palmer , Susan Rowe , David Broadmore , Kelly Paterson , Peter Niven , Bridie McKinnon , Oliver Gascoigne , Olly Peers
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    High Court upholds Tax Commissioner's wide discretionary decision making powers
    2018-08-24

    On various occasions during the periods 2012 to 2018, Shane Warner Builders Limited (SWBL) regularly failed to pay GST and PAYE to the Commissioner of Inland Revenue.

    In January 2018 the Commissioner filed an application to put SWBL into liquidation.  The proceeding was adjourned in March 2018 whilst the Commissioner and Applicant engaged in negotiations for relief which ultimately failed due to SWBL's history of failures to pay tax arrears and failing to provide substantive supporting evidence regarding the source of funds required to settle current tax arrears. 

    Filed under:
    New Zealand, Insolvency & Restructuring, Tax, Buddle Findlay, Liquidation
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Susan Rowe , Willie Palmer , Peter Niven , Bridie McKinnon , Matthew Triggs , Myles O'Brien , Oliver Gascoigne
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Distributions to members allowed during Lehman Brothers administration
    2017-09-26

    In a second application heard on the same day, Hildyard J considered an application by the administrators of Lehman Brothers Europe Limited (LBEL) for directions that would enable a surplus to be distributed to the sole member of LBEL while LBEL remained in administration. The proposed scheme had material benefits for both shareholders and creditors. The administrators acknowledged that the orders sought were an indirect means of circumventing the Insolvency Act 1986 (UK), which does not expressly provide for directors to make distributions during an administration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay, Companies Act 2006 (UK), Insolvency Act 1986 (UK), Lehman Brothers
    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:
    United Kingdom
    Firm:
    Buddle Findlay

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