McDonald Vague The Insolvency & Business Recovery Specialists
- Home
-
Profile
About McDonald Vague
Welcome to McDonald Vague
McDonald Vague is New Zealand's leading insolvency and business recovery firm. We have been providing advice and expertise to companies and individuals facing financial difficulties for over 20 years.
We understand the maze of practical, technical and legal issues surrounding insolvency and business recovery. We are known for our ability to get in quickly, assess the situation and use our knowledge and expertise to bring our clients the best possible outcome.
Meet our Partners
Peri Finnigan
DDI:
09 303 9519
Boris van Delden
DDI:
09 306 3342
Roy Horrocks
DDI:
09 306 3332
Tony Maginness
DDI:
09 303 9511 -
Services
Our Services
As New Zealand's leading specialist insolvency and recovery practice our focus and expertise is quite specific.
Our value proposition is simple: we achieve the best possible outcome.
We earn our clients' trust and build our relationships by listening well, keeping clients informed, being available, being responsive and acting with integrity. Our focus is always on achieving the best possible outcomes for our clients, and we have a proven track record of results.
-
Industries
Industries
McDonald Vague has extensive experience across a number of industry sectors including the hospitality, rural, financial services and property/construction sectors.
Our hospitality team has successfully restructured and sold numerous hotels, bars, restaurants and accommodation complexes for New Zealand's leading breweries and lending institutions.
Our experience throughout the rural sector extends from dairy farms to sheep stations, orchards to transport operators and from wineries to food distributors. Our knowledge of rural practices avoids incorrect and costly decisions, and creates gains in efficiencies and cost-savings.
Our Financial Services team has been involved in high profile finance company receiverships and moratoriums, so we appreciate the concerns of relevant parties.
Each member of the property and construction team has extensive knowledge of this sector, as well as crucial technical skills in insolvency, forensic accounting and investigation.
McDonald Vague has a solid reputation for demonstrating commercial acumen, maximising creditors’ returns and responsible fee management across all industry sectors.
-
Articles
Articles
As a leading business recovery and insolvency practice, we regularly write articles on topical technical and industry issues.
To receive our articles as they are released, please subscribe to our monthly newsletter. To discuss issues raised in these articles, please contact the authors, or any other members of our team. Direct contact details can be found on our staff profile page.
For answers to frequently asked questions on business recovery and insolvency issues, please visit our FAQs page.
-
Cases
Cases
In a liquidation we report initially within five working days of our appointment (voluntary liquidations), or up to 25 working days (court appointed liquidations). We then report six monthly throughout the liquidation, and provide a final report on ceasing to act. These reports are mailed to all creditors who submit claims and filed at the Companies Office.
If you have a question regarding a specific case, please contact the manager of that case, whose details will be contained in the reports. We are always happy to answer questions from creditors, where this does not breach any confidentiality issues.
-
Contact
Postal Address:
PO Box 6092
Wellesley Street
Auckland 1141
New ZealandPhysical Address:
The Companies Amendment Act 2006
Printer Friendly Version (Opens in a new window)
The content of this article may be out of date - please refer to our more recent articles for up-to-date information.
The Companies Amendment Act 2006 implemented on 1 November 2007 increases the transparency and accountability of Insolvency Practitioners and means significant changes to the administration of Insolvencies. The key changes are as follows:
•Liquidation by Shareholder appointment allowed within a 10 day
time frame from the date of service of a winding up
application.
•Phoenix Companies - where a new company is formed using the name,
similar name or trading name of a failed company, directors can be
made personally liable for the debts of the failed company.
•More disclosure required of liquidators.
•Further Grounds of Liquidator Disqualification - in line with the
ethics of NZICA. A person who has, or whose firm has within
the two years immediately before the commencement of the
liquidation provided accounting services to the company or who has
had a continuing business relationship with the company, its
majority shareholder, or any of its secured creditors is now
disqualified.
•Fighting Fund - the liquidator must pay to any creditor who
protects, preserves the value of, or recovers assets of the company
for the benefit of the company's creditors by the payment of money
or the giving of an indemnity, the amount received by the
liquidator by the realisation of those assets, up to the value of
that creditor's unsecured debt; and costs incurred.
•Voluntary Administration - provides a moratorium period during
which the future of a company can be assessed by an independent
party. This is usually a pathway to liquidation or a
compromise (deed of company arrangement).
•Voidable Transactions - uncertainty regarding certain key tests
have been reduced.
•The Accountants Lien - the preferential claim in lieu of a lien
changes from $500 to 10% of the debt up to a maximum of $2,000.
DISCLAIMER
This article is intended to provide general information and should
not be construed as advice of any kind. Parties who require
clarification on issues raised in this article should take their
own advice.
Peri Finnigan, Partner, McDonald Vague - The Insolvency & Business Recovery Specialists
09 303 9519
More articles by Peri Finnigan:
More about Peri Finnigan
