This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
New Zealand’s Institute of IT Professionals has discovered it is insolvent and advised members it has no alternative but to enter liquidation, TheRegister.com reported. The Institute (ITP) wrote to members on Thursday and posted a document titled “Important Update on ITP’s Future” that reveals it has “reached a point where the organization cannot continue. After a full review of our finances, the Board has confirmed that ITP is insolvent.” Insolvency seems to have come as something of a surprise. “These debts are historic. They go back over many years.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Synlait Milk reported a much narrower annual net loss on Monday and announced the sale of its North Island assets for NZ$307 million ($177.2 million) to U.S.-based Abbott Laboratories sending its shares surging, Reuters reported. The New Zealand-based dairy firm's shares rose as much as 20.7% to trade at NZ$0.845, posting their biggest intraday gain since February 17, while the broader market was flat. The shares hit their highest level since March 25.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Treasury is warning that New Zealand's government debt will hit 200% of GDP by 2065 ‒ or $246,500 per person ‒ if major policies are not changed, The Post reported. The agency is not recommending any specific policy but notes that with an ageing population the costs of superannuation and healthcare will spiral upwards, without enough working age people to keep paying the taxes for such policies. It noted that New Zealand had seven working age Kiwis for every retiree in 1960, four for every retiree now, and but would hit just two working Kiwis for every retired Kiwi by 2065.
Read more
The New Zealand government has appointed Anna Breman from Sweden’s central bank as the next governor of the Reserve Bank of New Zealand, the Wall Street Journal reported. Breman has been deputy governor of Riksbank since 2019 and her appointment follows a global talent search that involved 300 candidates, said New Zealand Finance Minister Nicola Willis in a statement. The search for a new governor began after the sudden exit from the central bank of former Gov. Adrian Orr in March.
Read more
New Zealand home prices edged lower in August, the Real Estate Institute of New Zealand (REINZ) said on Tuesday, as prospective buyers remained cautious despite aggressive interest rate cuts from the central bank to spur the economy, Reuters reported. Seasonally adjusted median house prices dipped 1.3% from July, and were 0.5% lower on the previous year, REINZ data showed. Seasonally adjusted national home sales fell 4.5% from July, but were up 0.6% from August 2024. "Across New Zealand, confidence in the property market is tempered with caution," REINZ Chief Executive Lizzy Ryley said.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.