Insolvency Statistics – July 2014 Market Commentary New Zealand recorded a $1.4 billion current account surplus in the March quarter according to NZ Statistics. The results were strengthened by meat and dairy exports. Fonterra seem keen to spend more money with an announcement that a new dairy hub costing $342m would be developed in ... read more.
Gerry Rea Partners are pleased to announce that Warren Kitchin joined our team in July. Warren is a Chartered Accountant with extensive commercial experience in a range of industry sectors including; Aviation, Travel/Tourism, Horticulture, Import/Distribution, Automated Property and Public Facility Management and Information Technology. Warren specialises in providing business transformation services to clients ... read more.
Am I Personally Liable as a Director? In last month’s newsletter, we highlighted the issue of directors and the potential risks of trading while insolvent, and more seriously, trading recklessly. This month we briefly highlight some of the more common liability issues directors may face when a company is in financial distress or liquidated. ... read more.
Why don’t Liquidators sue the Directors? There is a common misconception among unsecured creditors of companies in liquidation that all that is required to recover the situation is for the liquidators to sue the directors. Many are aware that reckless trading provides grounds for action by liquidators against directors. However they are often less ... read more.
What are the advantages of Liquidation? This is the sort of question we get asked a lot. What are the advantages of liquidating? Wouldn’t it be better to just allow the Company Registrar to strike it off? Every situation is different and so there isn’t one solution for every company’s problems. Liquidation is ... read more.
Insolvency Statistics – June 2014 Market Commentary World dairy prices have hit a 15 month low with Fonterra signalling a forecast milk price for 2014/2015 of NZ$7/kg and that, it has warned, might be revised further downwards. This was gloomy news for farmers indeed and will no doubt have them questioning why Fonterra has ... read more.
Insolvency Statistics – May 2014 Market Commentary Despite the OCR rise, and more on the way which will start to cause problems for those with high lending, house prices remain high. Some commentators are suggesting a drop while others are hedging their bets. Certainly, the number of houses sold was lower in April than ... read more.
Recently some 40 orchid growers suffered serious losses or the failure of their business because of the application of a pest control spray. We were involved in the mediated settlements of 10 of these claimants. Ensuring they received a fair settlement was not straight forward. read more.
Lenders can be forgiven for thinking that once they have registered a General Security Agreement on the Personal Property Securities Register , covering all of a borrower’s present and after acquired property, they can rest easy. Unfortunately, despite the “all present and after acquired property” description, if serial numbered assets (vehicles or aeroplanes) are involved, ... read more.
Insolvency Statistics – April 2014 Market Commentary The construction industry is still booming with consents, particularly in Auckland and Christchurch, reported to be up. Meanwhile, world dairy prices took a dive. News that hard pressed farmers will not have enjoyed. Those with greater borrowing will also have been dreading the OCR increase which finally ... read more.
