Receivership

Corporate Insolvency Services Auckland New Zealand

Receivership

A receiver is someone appointed by a secured creditor who is appointed to take charge of a company’s assets from the company’s existing management with the goal being to enforce its security to recover the debt due to the secured creditor.

As such it is not necessarily a choice that the directors or shareholders of a company can make in isolation, whilst the directors may ask a secured creditor to appoint a receiver, the secured creditor can act on their own initiative.

The secured creditor can only appoint a receiver in respect to the specific assets it has security over and it may well possible for the company to continue to trade however it could from a practical sense be the end of the line, particularly if the security interest extents to all present and after-acquired property.

The effect of receivership on other creditors of the debtor company is nil, creditors can still attempt to obtain payment for debts due, enforce a judgment or seek liquidation.

For companies that have secured debt and the lender has the contractual right to appoint a receiver then it is imperative that directors of companies facing financial difficulties act early and before a repayment default occurs.

Putting together a suitable proposal to address the financial difficulties early in the process is more likely to prevent receivership compared to letting events take their course.

The Benefits of Using Norrie & Daughters

Recievership, Corporate Insolvency Services Auckland New Zealand

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
  • We have a focused and talented team who will focus on the best outcomes.
Recievership, Corporate Insolvency Auckland
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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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