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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
    Liquidators fail to cash in Bartercard credit
    2012-09-28

    In Aditude Advertising Limited (in liq.) v Techday Limited [2012] NZHC 1884, Aditude Advertising Limited (in liquidation) (Aditude) and Techday Limited (Techday), were members of the Bartercard system, a credit trading system.  Under this system members could exchange goods and services without exchanging cash or other legal tender.  Aditude went into liquidation with a significant credit in its Bartercard account for services rendered to Techday.  The liquidators issued a statutory demand against Techday seeking to recover the actual cash value of the invoices issue

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Ex-director's loss of standing and the absolute right to appeal
    2012-03-30

    In Aotearoa Kiwifruit Export Limited v ANZ National Bank Limited, the High Court was required to examine the difficulties that arise when a director of a company ordered into liquidation disputes that order.

    Filed under:
    New Zealand, Company & Commercial, Insolvency & Restructuring, Litigation, Buddle Findlay
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Liquidator's power to enter funding arrangements (Australia)
    2011-10-04

    Fortress Credit Corporation (Australia) II Pty Ltd v Fletcher [2011] FACFC 89 concerned the powers of liquidators in Australia.  In 2009, joint liquidators were appointed to Octaviar Limited (Octaviar) and Octaviar Administration (Funder).  Fortress claimed to be a secured creditor of Octaviar under a charge, and was owed approximately $71 million.  The liquidators arranged for Octaviar and the Funder to enter into funding agreements that provided for the Funder to fund an investigation into the actions of Fortress and to commence litigation against Fortress.

    Filed under:
    Australia, New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Credit (finance), Liquidation, Secured creditor, Liquidator (law), High Court of Justice
    Location:
    Australia, New Zealand
    Firm:
    Buddle Findlay
    Multiple event of default and a reasonable price obtained will absolve receivers and secured creditor of personal liability
    2011-04-04

    The case of Taylor and Ors v B concerned a company that imported and distributed hair care products, Cabellos Holdings Limited.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Default (finance), Secured creditor
    Location:
    New Zealand
    Firm:
    Buddle Findlay
    Insolvency & restructuring newsletter
    2021-11-11

    The New Zealand economy has weathered the COVID-19 pandemic better than many commentators predicted in April last year, in part due to the significant economic stimulus from the government, coupled with record high house prices and rock bottom interest rates. This is reflected in RITANZ's latest formal insolvency statistics, which show record low liquidation application numbers for September 2021 compared to the three previous years.

    Filed under:
    New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay, Coronavirus
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Supreme Court dismisses final rally against Oceanic Palms’ liquidation
    2020-09-07

    Five years after it refused to pay rent and took the landlord to the High Court, and two years after it was placed into liquidation on account of unpaid rent, the final branch of litigation brought by the directors of Oceanic Palms Limited (in liq) has been cut down by the Supreme Court.

    Filed under:
    New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Buddle Findlay
    Authors:
    Bridie McKinnon , Oliver Gascoigne , Matthew Triggs , Myles O'Brien , Annie Cao , Luke Sizer , Peter Niven , David Perry , Scott Abel , Scott Barker , Jan Etwell , Willie Palmer , Kelly Paterson , David Broadmore
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    Court approves of using liquidation proceedings as a method of debt collection
    2019-12-11

    The Insolvency and Company Court of England and Wales recently held in Sell Your Car With Us Ltd v Anil Sareen [2019] EWHC 2332 (Ch) that, when a debtor fails to comply with a statutory demand and has no arguable case to dispute a debt, a winding-up petition (initiation of liquidation proceedings) is appropriate, despite judges previously expressing distaste towards the use of a petition as a method of debt collection.

    Filed under:
    New Zealand, United Kingdom, Insolvency & Restructuring, Litigation, Buddle Findlay
    Authors:
    David Broadmore , David Perry , Jan Etwell , Kelly Paterson , Scott Abel , Scott Barker , Susan Rowe , Willie Palmer , Peter Niven , Myles O'Brien , Bridie McKinnon , Matthew Triggs , Oliver Gascoigne
    Location:
    New Zealand, United Kingdom
    Firm:
    Buddle Findlay
    High Court considers bankrupt's application to carry on business while still bankrupt
    2018-08-24

    In Lafferty v Official Assignee Gordon J considered Mr Lafferty's appeal of two decisions of the Official Assignee to refuse Mr Lafferty's applications under section 62(1)(a) of the Insolvency Act 1967 to enter or carry on business while bankrupt.

    Gordon J dismissed the appeal on the basis that Mr Lafferty could not show that the Official Assignee had made an error of law, failed to take into account relevant considerations or was manifestly wrong in exercising its discretion under regulation 34 of the Insolvency Regulations 1970.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Insolvency Act 1986 (UK)
    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
    Due debts and contingent liabilities
    2017-09-26

    The Supreme Court has recently confirmed that the courts will adopt "a practical business approach (as against one which is unduly technical)" to the determination of due debts when considering a company's ability to pay its due debts.

    Filed under:
    New Zealand, Insolvency & Restructuring, Litigation, Buddle Findlay, Unsecured debt, Liquidation
    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

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