Principle Insolvency & Liquidation of New Zealand
EXPERT BUSINESS & PERSONAL INSOLVENCY & LIQUIDATION ADVICE
Welcome to Principle Insolvency, one of the leading insolvency firms in New Zealand. We pride ourselves on our proactive approach and excellent customer service in delivering high-quality insolvency and liquidation services to a wide range of businesses and individuals suffering from financial stress. Principle Insolvency offers a customized service that takes into consideration your entire financial situation. Once we have a full understanding of your fiscal circumstances, our professional team will work with you to create a sound debt resolution strategy and the best plan of action to move forward. Principle Insolvency will handle any insolvency matter for you wherever you are in New Zealand. Our team is highly skilled and experienced in both the Companies Act and the Insolvency Act. We combine our deep knowledge of the law with substantial real-world experience to not only deal with your insolvency concerns but also your legal concerns. Your first step is to talk with us. This will cost you nothing except a little time. Don’t let someone unsympathetic take control of your situation, call us now!
THE BIG PICTURE
The death of a business, as in life, is a normal outcome. Don’t let it define you. Learn from it and become a better person as you prepare for the future with greater wisdom and experience. Allow us the privilege to help prepare you for your next stage in life.
HOW CAN WE HELP
Principle Insolvency will handle any insolvency matter for you wherever you are in New Zealand. Our team is highly skilled and experienced in both the Companies Act and the Insolvency Act. We will deal with your insolvency concerns and your legal concerns.
Personal Insolvency
Following are the options available to you if we are working on your personal worries:
Debt repayment order
A debt repayment order (DRO) is probably the best insolvency option for you if you owe less than $50,000 in unsecured debt and are able to make some repayments on your debts.
No Asset Procedure
A no asset procedure (NAP) is probably the best insolvency option for you if you owe less than $50,000, have no assets and have no extra money to make repayments on your debt.
Bankruptcy
Bankruptcy may be a good insolvency option for you if you owe more than $50,000.
Part 5 Proposal
A Part 5 subpart 2 proposal under the Insolvency Act 2006 gives you a great alternative to bankruptcy. It is not easy to prepare and the requirements are quite stringent. However, if the proposal succeeds, then you may be paying just cents in the dollar to get rid of your debt. Talk with us to see if this option could work for you.
Business Insolvency
Following are the options available to you if we are working on your business worries.
Receivership
A receiver is appointed by a secured creditor to deal with the secured assets. A company can be in receivership and also in liquidation or voluntary administration.
Voluntary administration
An administrator is appointed to review and rearrange a business to avoid liquidation.
Liquidation
A liquidator is appointed to investigate and deal with all the business assets. The creditors can apply to the High Court for this to happen (creditor liquidation), or the shareholders can pass a special resolution (voluntary liquidation). The liquidator must be a licensed insolvency practitioner. You will find our registration here.
Voluntary Liquidation
Don’t think that just because your business has been struck off, or you have ceased trading and stopped filing returns, that you won’t be sued in the future. Ensure this doesn’t happen by liquidating the company, which means the company can never be reinstated.
Forensic Accounting
Our highly skilled forensic accountants combine accounting, auditing and investigative skills, to analyse and prepare financial information for a court of law. We present complex financial and business related issues in a manner which is both understandable and properly supported.
Investigation of Companies Under Stress
Principle Insolvency investigates the financial as well as all of the commercial aspects of a company under stress. Our goal is to give you the information your business needs to make an informed decision on how best to find relief from financial distress to move forward.
Private Investigation Work
We perform private investigation work to establish how your business came to fail and investigate whether any wrongdoing was committed. Our investigations include fact-finding, exploring company records, conducting interviews and more.
Tracing Proceeds of Crime
Our asset tracing services “follow the money.” Principle Insolvency traces assets by conducting financial investigations, during which they determine a subject’s assets, examine the revenue generated by criminal activity, and follow its trail.
Investigating Allegations of Fraud
Principle Insolvency conducts fraud investigations to prove or disprove allegations of fraud. Our investigations primarily consist of collecting and analyzing evidence to identify fraudulent activity within the company.
Receivership Appointments
Receivership is used to collect secured debt. Utilized early enough, it is a powerful tool for restructuring a business. This benefit lies in the ability of the secured charge holder to suspend the powers of the directors and appoint an administrator such as Principle Insolvency to look at the organisation commercially and without emotion.
Voluntary Administration Appointments
While a relatively new insolvency procedure, voluntary administration (VA) appointments are typically used when a company trades profitably, but has debts that means it is insolvent. The administration period lasts for approximately 30 days, by which time the administrator is required to assist in determining the future of the company.
Liquidations Insolvent
Insolvent Liquidation is when a company cannot pay its debts and is forced to sell off its assets to pay off its creditors.
Liquidations Solvent
(Fixed Price $7,000 + GST). Solvent Liquidation is when there is sufficient money to pay everyone as well as a surplus back to the shareholders.
Personal Insolvency
(Part 5 Solutions). Personal insolvency procedures offer several options including a debt repayment order, no asset procedure or bankruptcy.
