Norrie & Daughters

Formal Proposals

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Formal Proposals

Formal proposals are a good option as an alternative to bankruptcy but include the court being involved, creditors approving the proposal and the involvement of a provisional trustee until the court approves the proposal when the provisional trustee becomes the trustee.

The procedure is most likely more suited to situations where the debtor has significant income and/or assets but insufficient to meet debt obligations.

Whilst it is a more expensive option, once approved by the courts it is binding on all creditors and prevents creditors from taking certain actions against the debtor.

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
  • Sound advice on all insolvency options available
  • Preparation of application and obtaining approval for bankrupts to be in business
  • Financial supervision of bankrupts in business
  • Full range of insolvency services
  • Acting for Directors, Shareholders and Creditors against Liquidator claims

Results

  • We have successfully implemented schemes of arrangement involving significant debt including bank and tax debt and avoided the liquidation of the company’s.
  • We have got self-employed bankrupts back into business
  • We have acted for various bankrupts against claims made by the Official Assignee in various matters
  • We have successfully acted for debtors, directors and shareholders against claims by liquidators against them
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Services

  • Insolvency advice
  • No Asset Procedure
  • Summary Instalment Orders
  • Acting as a receiver
  • Informal and Formal Compromises
  • Bankruptcy
  • Financial Supervision of Bankrupts in Business
  • Acting for Directors, Shareholders and Creditors against Liquidator claims

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

Contact Us Today