BUSINESS

Insolvency & Debt Recovery

Recovering money owing on a contract for goods or services can be stressful, costly and time-consuming. The McVeagh Fleming team has specialised skills and expertise in acting for both creditor and debtor in a range of legal services including debt recovery, securities enforcement, bankruptcy and liquidation proceedings.

The firm's clients range from individuals to large corporates, both local and international. With a successful track record in efficient and proven money recovery, McVeagh Fleming can help – whether you are an individual pursuing a debt, a company that requires repayment of several debts, a debtor or a secured creditor looking to enforce your securities.

Sometimes all it takes to get paid is a communication from a third party. Our firm offers a robust team of litigators who regularly appear in the District Courts and High Court if court proceedings are necessary. Our litigation and dispute resolution team will advise you on the court process and the likelihood of litigation success, as well as assist with any judgment outcomes.

Insolvency, Bankruptcy and Securities Enforcement

McVeagh Fleming specialises in acting for both creditor and debtor, with several corporate clients requiring ongoing legal services in the area of debt recovery, securities enforcement, insolvency and bankruptcy. Whether you are an individual pursuing a debt, a company requiring repayment of many debts, or you are being pursued for payment – or a secured creditor looking to enforce your securities – talk to McVeagh Fleming about our wealth of experience and expertise in these areas.

Recent Insights

February 2021

Brougham v Regan - The Requirements for a Valid Contract of Guarantee

On 30 October 2020 the Supreme Court delivered a landmark judgment in the context of contracts of guarantee in the case of Brougham v Regan [2020] NZSC 118. A summary of the key facts of the matter and important points in the Court's decision follow.
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April 2020

Hardship - Consumer Credit Contracts Under a Covid-19 Related Lockdown

Section 55 of the Credit Contracts and Consumer Finance Act 2003 ("CCCFA") provides that a person who is unable reasonably, because of illness, injury loss of employment, the end of a relationship, or other reasonable cause, to meet their obligations under a consumer credit contract and who reasonably expects to be able to discharge their obligations if the terms of the contract were changed as provided for under the CCCFA may apply to a creditor to agree to that change. In the present Covid-19 lockdown, we expect these provisions to be tested and both debtors and creditors need to know their rights and responsibilities in these sorts of situations.
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May 2019

Mainzeal: Reckless Trading

In Mainzeal1 the former directors were held liable for a breach of section 135 of the Act. Richard Yan, (who was the founder and main shareholder of Mainzeal's parent company, Richina Pacific) was ordered to pay compensation of $36M. Each of the other directors (Shipley, Tilby and Gomm) were held liable to contribute $6M each towards that $36M.
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