Why Appoint a Liquidator?
July 25, 2022
30 Second Insolvency Test:
Is the company delaying payments to either the Inland Revenue Department or other creditors?Are the company assets worth less than all of its debts?Have any creditors threatened legal action against the company?
If you have answered “yes” ...
Shareholder Current Accounts & Liquidation
December 9, 2020
More About Shareholder Current Accounts
During the life of the company, funds taken out or put into the company by the shareholders is recorded to the shareholder current account. Usually when the company is formed working capital is introduced. This balance is usually the o...
Covid 19 Special Update
May 5, 2020
Covid-19 Special
The true financial impact on businesses in light of the Covid-19 virus and the subsequent lockdown is about to be felt in the near future.
We recommend that if your business or someone you advise is experiencing cashflow and solvency issues to seek advice a...
WHAT IS THE ROLE OF A RECEIVER?
May 23, 2019
What is the Role of a Receiver?
A Receiver is appointed either under a general security agreement (GSA) or a deed, or less frequently, by the High Court. Receivers are most commonly appointed over all present and after-acquired personal property and undertaki...
Reckless and Insolvent Trading Rules:
September 28, 2020
Continuing to trade while insolvent may see a director charged with reckless trading resulting in personal liability for the debts incurred by the company.
Under section 135 of the Companies Act 1993, a director of a company must not cause or allow the business of that...
A DIRECTORS’ DUTY TO CREDITORS WHEN INSOLVENCY IS ANTICIPATED
August 16, 2018
A curious thing happens when a director believes their company is about to be insolvent.
Whereas the legal obligation of the director up to this point has been to promote the best interests of the company, (Companies Act 1993 Section 131) a director’s priority m...
Qualifying Company and Insolvency
May 9, 2017
Qualifying Companies (QC) have been around for some time; in fact my well-thumbed guide comes from 2005. Qualifying Companies are almost a thing of the past as no new ones can be created, but there are still some that exist. There are big pluses to being a Qualifying Company...
I’m looking to wind up my business – What should I not do!
November 1, 2016
The business has been struggling for some time. There are debts to the IRD namely GST and PAYE and you haven't completed a tax return for the last one maybe two years. There is a few trade creditors but not huge. You have made the decision to sell up and pay the creditors of...
PAYE Debt is the worst
August 15, 2016
If you have clients' whose Companies are struggling and have been for some time, it's best to stop the bleeding. If the Company has lost too much money, it may be dead anyway.
If a Company continues to trade whilst insolvent the Directors are in breach of the Companies Ac...
Don’t leave it too late ...
July 15, 2016
Liquidations are a specialised area that we have undertaken on a small scale in the past. However, through our affiliation with experienced Liquidator, Rod McKenzie, we saw the opportunity to put these skills to good use and have developed the insolvency side of the busine...
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