Creditors
We’ll work to achieve the best outcome possible
Providing goods and services on credit is essential to attracting and maintaining clients in business today. Even with the best credit procedures in place, businesses are not always able to avoid being owed money by customers that can’t or won’t pay. This can be incredibly frustrating and have severe consequences for your business.
You need an insolvency firm acting on your behalf that has:
- Extensive Litigation Experience – Our team includes a lawyer who has previously worked as a civil litigator at a large law firm who specialised in insolvency and related matters including debt recovery, breach of director’s duties and Companies Act litigation. Experience includes:
- Suing directors to recover funds for creditors
- Organising and conducting ‘class action’ litigation on behalf of finance company investors leading to a successful recovery
- Taking action against related entities for the recovery of assets to enable a distribution to creditors
- Investigative Accounting Expertise – Our team has investigative accounting experience including a senior chartered accountant who has worked at the Securities Commission/Financial Markets Authority and Audit NZ.
- Results focused approach – We understand the devastating effect bad debts can have on businesses. Our firm is specifically structured as a low overhead, agile insolvency practice that will respond swiftly and efficiently to achieve the maximum recovery at the best value.
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You need an insolvency firm acting on your behalf that has:
Common
questions about
credit procedures
What is the difference between liquidation, receivership and bankruptcy?
A receiver is appointed by a secured creditor to realise assets that are subject to that creditor’s security interest e.g. vehicle finance company appointing receiver to repossess car and realise its value, or a bank appointing a receiver to a property owning company whose mortgage is in default to sell the property. A liquidator is appointed to a company to act on behalf of all creditors, not just the appointing creditor and has greater statutory powers than a receiver in dealing with the company and obtaining the best outcome for all creditors. For further information on liquidations click here.Bankruptcy is the formal process of insolvency for an individual, as opposed to liquidation which is for a company. Just because a company is placed in liquidation, that does not mean the director is bankrupt. A company and its directors are obviously different legal entities with different liabilities and obligations. If you wish to understand further, please contact us for some simple no obligation, free advice.
What should I do if I am the creditor in a liquidation?
A liquidator will provide a first report to all known creditors. If you do not hear from the liquidator please get in contact. Who the liquidators are, and any published reports will be on the Companies Office website under the company in liquidation. It is important that you complete a creditor claim form and return it to the liquidator.If you are a secured creditor i.e. registered on the Personal Property Securities Register, please contact the liquidator to discuss.
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