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    New zealand courts consider interrelationship between cross-border insolvency and admiralty claims
    2014-08-21

    Printable version

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Shipping & Transport, Wilson Harle
    Location:
    New Zealand
    Firm:
    Wilson Harle
    PAYE not held on trust for Inland Revenue – Supreme Court
    2014-11-10

    The Supreme Court, in a judgment released last Friday,1 has overruled the Court of Appeal by deciding that the IRD stands behind liquidators and employees when cash is available in liquidation and PAYE is owed.

    This decision, which upholds the payment waterfall in Schedule 7 of the Companies Act, will be welcomed by insolvency practitioners after the Court of Appeal had upset previous industry practice.

    Context

    Filed under:
    New Zealand, Employment & Labor, Insolvency & Restructuring, Litigation, Tax, Chapman Tripp, Supreme Court of the United States
    Authors:
    James McMillan
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Liquidations and voidable transactions – recent and future trends
    2014-11-24

    Two court judgments which could significantly affect New Zealand’s insolvent transactions regime are due out soon.  When they are released, we will provide a Hothouse seminar on their potential implications for creditors and liquidators (sign up here). 

    We discuss the cases briefly here and provide an overview of the current liquidation “market” based on information supplied by the Companies Office.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Chapman Tripp
    Authors:
    Michael Arthur , Michael Harper , Daniel Kalderimis , Hamish Foote
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Parent company made to pay its subsidiary's debts
    2015-01-15

    Directors beware – unless you are careful to maintain a subsidiary’s independence, the parent company may be liable for the debts of its subsidiary.

    That is the effect of a recent High Court decision invoking a rarely used provision in the Companies Act.

    We analyse the judgment and draw some practical advice from it.

    Section 271

    Section 271(1)(a) of the Companies Act 1993 (the Act) has been used only rarely and is unique to New Zealand law, although Ireland has a similar provision.

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Chapman Tripp, Subsidiary, Parent company
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Supreme Court - important win for creditors over liquidators
    2015-02-18

    The Supreme Court has today considerably expanded the “good faith” defence for voidable transactions. 

    Where a creditor “gave value” through the original transaction, that creditor can now defeat a voidable transaction claim by proving only that it acted in good faith, with no suspicion of insolvency. 

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Chapman Tripp, Good faith
    Authors:
    Michael Arthur , Michael Harper , Daniel Kalderimis , Hamish Foote , James McMillan
    Location:
    New Zealand
    Firm:
    Chapman Tripp
    Doing business in New Zealand
    2013-12-02

    Contents Section Page New Zealand in a Nut Shell 1 Business Landscape 2 Overseas Investment Regime 6 Immigration 10 Structuring the Business 13 Capital Markets and Takeovers 17 Tax 21 Trade Practices 28 International Trade 32 Intellectual Property 34 Employee Relations 36 Real Property and Resource Management 40 Taking Security over Personal Property 42 Corporate Insolvency Law 44 Climate Change and Emissions Trading 47

    New Zealand in a Nutshell

    Filed under:
    New Zealand, Capital Markets, Company & Commercial, Corporate Finance/M&A, Employment & Labor, Environment & Climate Change, Immigration, Insolvency & Restructuring, Intellectual Property, Real Estate, Tax, Trade & Customs, Simpson Grierson, Environment Court of New Zealand
    Location:
    New Zealand
    Firm:
    Simpson Grierson
    Conversion claim may be brought against administrators and liquidators
    2013-12-13

    A case recently heard in the UK suggests that, in certain circumstances, a claim for conversion of assets may be brought against administrators and liquidators of a company.  While the claim did not succeed on the facts inEuromex Ventures Ltd & Anor v BNP Paribas Real Estate Advisory & Ors [2013] EWHC 3007 (Ch), the case illustrates that claimants may bring a proceeding on the basis of alleged acts of conversion by a company's liquidators and administrators. 

    Filed under:
    New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Creditor's resolution to appoint alternative liquidator set aside for prejudice
    2013-12-13

    In our December 2012 insolvency update we reported on CP Asset Management Ltd v Grant, in which the High Court upheld a creditors' resolution to appoint new liquidators.  The High Court found that a resolution should only be set aside when it was found that the prejudice to creditors was unreasonable.  In the High Court, the minority of creditors who voted against the resolution were unable to e

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Liquidator (law), Prejudice
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Personal liability to liquidators for failure to account for GST refund after default on property purchase
    2013-12-13

    Rowmata Holdings Limited (in liquidation) (RHL) & Anor v Hildred & Ors [2013] NZHC 2435 involved a sale and purchase agreement whereby land was sold to two trusts, subject to finance. RHL (a company incorporated by the purchasing trusts) claimed and received a GST refund for the purchase. However, on settlement date, RHL defaulted on the purchase, went into liquidation, and the GST refund became repayable to the Inland Revenue Department (IRD).

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Perry , Scott Barker , Willie Palmer
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Commercial eSpeaking - Summer edition
    2014-01-29

    Voidable Transactions

    Can be a significant risk for businesses

    When an insolvent company goes into liquidation it’s accepted that not all creditors will get paid 100 cents in the dollar.However it often comes as a shock to creditors when the liquidator requires them to refund payments that had been made up to two years before the company was liquidated.

    Filed under:
    New Zealand, United Kingdom, Company & Commercial, Employment & Labor, Insolvency & Restructuring, James & Wells, Liquidation, Liquidator (law)
    Location:
    New Zealand, United Kingdom
    Firm:
    James & Wells

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