Norrie & Daughters

Compromises, Amalgamations and Schemes of Arrangement

Corporate Insolvency Services Auckland New Zealand

Compromises, Amalgamations and Schemes of Arrangement

This is a procedure under Part 15 of the Companies Act 1993 that involves the High Court approving an arrangement or amalgamation or compromise on such terms and conditions as the Court sees fit, and to order that the arrangement be binding on "such other persons or classes of persons as the Court may specify".

Part 15 of the Act enables the Court on the application of the company, a creditor, or a shareholder, to order that an arrangement, amalgamation, or compromise, shall be binding upon the company, and any other persons that the Court thinks fit. It has wider scope than Part 14 in that while the latter is limited to compromises with creditors, Part 15 permits arrangements and amalgamations to be imposed.

The Court has wide powers to deal with schemes of arrangement and take a fair and sensible appreciation commercial considerations.

The nature of the procedures required under Part 15 are such that cost is a consideration and therefore it is probably not an option for small business and depending on the circumstances may not be a practical option for a medium sized business however that does not prevent an Informal Arrangement or Voluntary Administration procedure being used.

The Benefits of Using Norrie & Daughters

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Quality & Experience

  • Chartered Accountants Australia & New Zealand Accredited insolvency practitioners
  • Free 1 hour meeting to be briefed on your situation
  • Experience and sound advice in all aspects of corporate Insolvency
  • New Zealand and cross border insolvency assignments including assignments involving European countries, Asia and South America including tax havens.

Results

  • We have successfully implemented schemes of arrangement involving significant debt including bank and tax debt and avoided the liquidation of the company’s.
  • Proven record in obtaining results for creditors from setting aside voidable transactions, reckless trading and similar actions.
  • We have successfully acted for debtors, directors and shareholders against claims by other liquidators against them
  • Focused and talented team who will focus on the best outcomes for creditors and shareholders.
Corporate Insolvency Services Auckland New Zealand
Corporate Insolvency Services Auckland New Zealand

Services

  • Insolvency advice
  • Provision of an Administrator
  • Providing a court or shareholder appointer liquidator in insolvent liquidations
  • Acting as a receiver
  • Assisting in preparing and securing Informal Arrangements
  • Assisting in preparing and securing Compromises, Amalgamations and Schemes of Arrangement under the Companies Act 1993
  • Providing a liquidator for solvent liquidations
  • Acting for Directors, Shareholders and Creditors against other Liquidator claims
  • Expert witness

To learn more about the services we offer to clients both in New Zealand and overseas

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