Financial services

"The aim is always to maximise net recoveries for creditors."

The financial services industry has undergone rapid and extensive change, with the recession and poor management forcing a growing number of companies into receivership.  Numerous finance companies have collapsed.  Private investors, as well as the government under the Deposit Guarantee Scheme, face considerable losses.  Some depositors have lost their entire investment.

There have been proposals for the Financial Markets Authority (which replaced the Securities Commission in May 2011) to be given more extensive powers.  Media articles have highlighted the fact that engaging certain receivers has resulted in significant fees being incurred with, in many cases, little or no results for investors.

These concerns make the challenges of trustees, financiers and us as receivers even more complex.  Every receivership is different, which makes it even more imperative to engage the most appropriate insolvency specialists for the particular assignment.  The firm must have a proven track record of maximising returns to creditors, together with the right charging structure and investigative skills. While a large firm may offer many advantages in terms of experience and profile, their fees may diminish the recovery for the stakeholders.

Outside of formal insolvency, we also have considerable expertise in performing a range of advisory, forensic and investigative work.

Contact us to discuss your situation

If you believe McDonald Vague may be able to assist you, please visit our staff profile page for direct contact details of our Directors.  All such discussions are treated confidentially and do not commit you to appointing us in any formal capacity.

Our offices are located in Auckland and Hamilton.  We also have team members who are fluent in Mandarin and Dutch.