Insolvency and Restructuring
Showing articles from
Retention funds:  where is the trust?
The importance of subcontractors scrutinising how retention funds are held, and how they are dealt with by insolvency practitioners, was highlighted in the recent High Court decision in McVeigh v Decm...
Health check on solvency position:  time to conduct an annual review and plan for the future
As 2021 draws to a conclusion and businesses begin to consider what operations will look like in the new year, it will be necessary to reflect on the impact of Covid-19 and prepare for life under the ...
Injunctions & Receiverships:  A high hurdle for directors to prevent the sale of a business in receivership
The principal role of a receiver is to realise secured assets for the appointing creditor. 
High Court emphasises the extent of duties that banks owe to guarantors
A recent High Court case, ASB Bank Ltd v Davis [2021] NZHC 1812, clearly illustrates where the line is drawn in relation to duties banks owe to guarantors.
28.07.2021 Posted in Insolvency and Restructuring
Subcontractor entitled to raise set-off claim against principal’s warranty claim
A recent High Court case examined the all too common situation where a contractor goes into liquidation, but there are unresolved matters on a construction project affecting both the principal and sub...
Liquidators’ Powers: Successful application under section 266 of the Companies Act to examine former director
Liquidators have wide-ranging powers under the Companies Act 1993 (Companies Act), including the power to request directors, shareholders or any other relevant person to assist in the liquidation of a...
Enforceability of limitation clauses
Construction contracts and contracts for professional services typically include a range of provisions which seek to allocate risk between the parties, and limit potential liability to be attributed to one party.
ASB Showgrounds liquidation – An iconic venue in strife
The events industry has been strongly affected by Covid-19.
Supreme Court forecast – storms ahead for directors
On 24 September 2020, the Supreme Court released its long-awaited decision in the case of Debut Homes Ltd (In Liquidation) v Cooper [2020] NZSC 100.
Construction’s Insolvency Predicament: Cooper, Mainzeal and Reckless Trading
Insolvency events have become common place in the construction industry in recent years. In particular, a focus has been investigating whether directors allowed their insolvent company to engage in re...
Lifting the roof on director’s duties
First prosecution for serious breaches of director’s duties under the Companies Act.
Contract uncertainty leaves room to resist statutory demand: Mega Projects v Orewa Developments
Last week, the Court of Appeal issued its decision in Mega Project Holding Ltd v Orewa Developments Ltd [2020] NZCA 111
COVID-19: Insolvency Law Changes
On Tuesday afternoon the government introduced legislation to implement the changes to the Companies Act 1993 (the Act) it announced in early April.  These changes are intended to assist companies to...
Administration of Retentions Trust: Oorshot v Corbel Construction
In 2018 the decision of Bennet & Ors v Ebert Construction Limited (in rec and liq) [2018] NZHC 2934 (Ebert) established an important precedent for the administration of retentions under constructi...
COVID-19: Lease in default?  Rent not paid on time?
Intended PLA Law Changes during COVID-19
COVID-19: Temporary ‘safe harbour’ from directors’ insolvency duties
As mentioned in Hesketh Henry’s article “COVID-19: Insolvency law changes” (https://www.heskethhenry.co.nz/insights-opinion/covid-19-insolvency-law-changes/), Grant Robertson has announced that ...
COVID-19: Insolvency law changes
On Friday afternoon the government announced temporary changes it intends to make to the Companies Act 1993 (the Act) to assist companies facing financial stress during the COVID-19 pandemic. Summary ...
06.04.2020 Posted in COVID-19 & Insolvency and Restructuring
COVID-19: Advice for businesses
We have prepared the following tips for businesses to guide them through the current circumstances.  Urgent advice should be sought where cash flow problems are arising, or where contractual obligati...
Ebert Construction: Court provides Guidance on the Retentions Trust Regime
Following our previous updates (Ebert Construction Receivership – What You Need to Know and Ebert Construction – Receivership and Liquidation), on 12 November 2018 the High Court ordered that the ...
EBERT CONSTRUCTION: RECEIVERSHIP AND LIQUIDATION
Introduction Following our Initial Note, the receivers of Ebert Construction Ltd (Ebert) released their first report on 1 October 2018.  Then, on 3 October 2018, Ebert put itself into liquidation, wi...
EBERT CONSTRUCTION RECEIVERSHIP – What You Need To Know
What is currently known? On 31 July 2018 Ebert Construction Ltd (Ebert) was placed into receivership.  John Fisk, Lara Bennett, and Richard Longman from PwC have been appointed receivers.  The recei...
The New Giant – plotting the course between Admiralty and cross border insolvency rules
Admiralty proceedings against a vessel are necessarily territorial in nature. A debtor’s vessel may sail into a certain jurisdiction and be arrested and sold for the benefit of creditors who both ha...
Investor Losses: A Fruitful Ground for Class Actions?
In tough economic times when share prices fall, corporate profits drop and companies edge towards insolvency, investors can face the depressing reality of dwindling retirement portfolios. Whether they...
11.11.2009 Posted in Disputes & Insolvency and Restructuring
Load More
Send us an enquiry
For expert legal advice, please complete the form below or call us on (09) 375 8700.
  • This field is for validation purposes and should be left unchanged.
-->