Corporate insolvency is part and parcel of the business landscape. You are not the first to be liquidating a company and you certainly will not be the last.
A business in the process of becoming insolvent can be a slow burn but the bonfire is inevitable in many cases. Obligations continue to accumulate, creditors become unsettled, tax debts increase and this leads to a compounding of the situation.
Remember, directors have legal obligations to not allow a company to put creditors at substantial risk or loss. InSolve provides you clarity as to the situation but also helps to preserve your existing commercial contacts so a working relationship can be formed again in the future.
If you are a shareholder, a director or are owed money you can appoint us as the liquidator.
Put simply, a company is insolvent if it cannot meet its financial obligations as they fall due and there is no capital available to inject into the company.
We take the time with you at the outset to really understand your situation. We assess what needs to be addressed urgently and build a plan and strategy around your situation and all the moving parts. This simplifies your situation and resolution from that point can be quick and relatively straightforward.
Once appointed as liquidator we will effectively take control of the company (yes, your phone will stop ringing) and from that point on will deal with all aspects of the company as well as creditors and debtors so as to orchestrate an orderly wind up of your commercial affairs whilst preserving and maximising the value of any assets that are left in the company. As liquidator, we are acting in the best interests of all creditors and asset realisation is our focus at this point.
Ryan Eathorne is an experienced practitioner having managed and acted as liquidator of many companies across all industries.
Get in touch with us by text, email or give us a call now.
If your company is able to pay its debts and no longer intends to trade appointing a liquidator can be a prudent measure. We realise it is often administrative and will work quickly and cost effectively to complete this for you.
A director of a company makes a legal declaration that all debts of the company will paid in the proceeding 12 months and the liquidation is finalised at the conclusion of that period. It is essentially a straightforward process and is the formal wind down of a company where all debts and claims have been paid and satisfied. Issues like warranties and other contingent matters are extinguished as part of this process.
A solvent liquidation is rather self explanatory and is the liquidation of a company that is not insolvent. It is essentially a straightforward process and is the formal wind down of a company where all debts and claims have been paid and satisfied.
This option is available for companies that have ceased trading with the requirement that the directors of the company are required to sign a solvency resolution effectively confirming that the company is indeed solvent and that the value of its assets are greater than its liabilities.
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If you are a creditor, such as a bank or finance company, and you hold a General Security Agreement against a company then you can appoint us as your receiver. While a liquidator is appointed to represent the interests of all creditors, a receiver represents and acts in the best interests of the secured party that made the appointment.
We are direct and effective communicators and will keep you updated throughout the entire process and are always available to answer your questions, take your call or address issues as and when they arise.
Get in touch with us by text, email or give us a call now to discuss receivership matters.
Cashflow is the life blood of any business and if someone is not paying you they are effectively strangling your commercial enterprise. We engage with various contacts across our network so as to drill into the debt recovery process quickly and effectively with the return of your capital at the forefront of our approach.
We are well connected, well resourced, practical and we take a common sense approach to recovering your assets and money that is owing to you. The stages of debt resolution are never the same and it is never a one size fits all approach. There are many options and remedies available to creditors and we are across all of these. We assess your situation and that of the other party and build our approach and plan around that.
To discuss debt collection & recovery, get in touch with us by text, email or give us a call now.
If an entity or individual in another country or jurisdiction owes you money, we can help.
We have a solid process around cross border debt recovery along with various arrangements in a number of jurisdictions meaning we can very quickly work out a plan to recover the debt.
If you have been issued with a statutory demand for payment or you are involved in a dispute, whether due to a voidable transaction or other, this needs to be dealt with now to avoid further business and reputational fallout.
Statutory demands do not disappear however a swift response with a clear plan will always lead to more favourable outcomes than ignoring such issues. We will assess the correspondence and relevant facts and advise you on the best course of action.
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Business dynamics change and personal factors can add complexities to businesses. It is not uncommon for existing shareholders of a decent business to deviate in terms of where a functioning business is headed and how it should be managed. There are various solutions around this, all very dependent on the issues at play. Once we understand your situation in more detail we can assess what these solutions might look like.
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In New Zealand, voluntary administration is a formal insolvency process that allows financially distressed companies to undergo a restructuring or potentially avoid liquidation. It is governed by the Companies Act 1993 and is initiated by the company’s board of directors when they believe that the company is, or is likely to become, insolvent.
The process aims to strike a balance between the interests of the company and its creditors, facilitating the best possible outcome for all parties involved.
Contact us to discuss if this may be the best option for your company.
A creditor compromise is a prescribed process under the Companies Act 1993 by which a company can enter into an arrangement with everyone it owes money to. Commonly, it involves full and final settlement payments, of less than the full amount owed, over an extended period, or the use of monies that would not be available to creditors in a liquidation.
The process initially involves a proposal being issued in a prescribed format for creditors to vote upon at a meeting. The proposed compromise takes effect and is binding if it is approved by the majority (50% by number and 75% by value). Creditors prefer to support a proposal if it means that they will receive a better financial result than they would in a liquidation or receivership. They also prefer to support companies that they can do business with in the future.
Contact us to discuss if this process is suitable for the affairs of your business.
The business community in New Zealand is often described as a village by virtue of our relatively small size and our isolation from trading partners. Preserving relationships and resolving commercial disputes in a timely and constructive manner is paramount.
Our approach to mediation and dispute resolution is results driven, practical, pragmatic and always on the basis of common sense.
If you have a dispute that needs some clarity and clear thinking give us a call.
If you are facing any of the issues above, time really is of the essence.
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