Norrie & Daughters

Informal Arrangements

Personal Insolvency Services Auckland New Zealand

Informal Arrangements

Prior to bankruptcy a debtor is free to negotiate a compromise with creditors. There are considerable legal issues to consider with such an approach but once these obstacles are overcome an informal arrangement offers a relatively inexpensive alternative to other forms of compromises.

Informal arrangements are either contractual arrangements or an assignment for the benefit of creditors. Each offers its own benefits to debtors and creditors.

Informal arrangements do work very effectively but they are not about asking creditors for a gift, creditors want to get the best outcome in the circumstances and an informal arrangement can often achieve the goal of the creditors whilst saving the debtor from bankruptcy.

There are traps in setting up an Informal Arrangement and if the proper process is not followed then the arrangement may fall over.

Norrie & Daughters have successfully concluded a number of Informal Arrangements often involving significant debts owed to creditors including banks.

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 in all aspects of personal Insolvency
  • 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 bankruptcy of the persons
  • 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
  • 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