What are the Consequences of Liquidation?

If a company cannot repay its debts, it is insolvent. An insolvent company may go into liquidation. There are two types of insolvent liquidation in New Zealand: Voluntary liquidation, initiated by company shareholders, and liquidation by creditor, initiated by external parties. When a company goes into liquidation, a professional liquidator is appointed by the shareholders […]

Director Duty Breach leads to recovery by creditors: Norling Law Success

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In a decisive judgment released recently, the High Court has ordered a director to personally pay the losses of two unsecured creditors of the company in full, plus interest due to the breaches of director duties. In addition to that, the Court has also ordered that the director pay close to the full legal fees […]