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Business Insolvency - key commercial issues and developments
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This book is only available in PDF format
Published: 28 April 2015
Pages: 77
Introduction
The last eight years have seen a robust testing of New Zealand’s corporate insolvency regime. The changes to the insolvency provisions in the Companies Act 1993 (the Act) in 2007, together with the large upsurge in business failures following the Global Financial Crisis, has meant that a significant body of case law has more recently developed. These key developments provide useful guidance for both insolvency practitioners and business people, when an insolvency situation arises.
The law has long recognised that insolvency law requires relevant principles to be applied in a pragmatic way. This principle is captured in the purpose of the Act to provide straightforward and fair procedures for realising and distributing the assets of insolvent companies. Where ambiguity has arisen, the development of recent case law is a welcome addition from a business certainty perspective.
Insolvency law naturally interferes with the ordinary running of businesses, with companies put into liquidation and affected creditor companies/individuals. The courts have increasingly recognised the importance of ensuring that clear and enforceable rules are developed, but which do not act as an unnecessary restraint on business. Liquidators also need certainty to ensure that assets are able to be realised and distributed in a cost-efficient manner for the benefit of all unpaid creditors.
This seminar focuses on insolvency from a commercial and business perspective, including consideration of the key developments in receivership and liquidation case law over the past few years. In particular, the following topics will be discussed:
(a) Compromises with creditors and schemes of arrangement
(b) Liquidators and receivers’ power to obtain documents and other information;
(c) Actions by liquidators for breach of directors’ duties;
(d) Voidable transactions;
(e) Preferential creditors in receiverships and liquidations; and
(f) PPSA – common disputed issues concerning priority and enforcement.
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