Regional news: New Zealand

Wirecard sells assets in UK, Brazil and Germany

Scandal-hit payment processor Wirecard has agreed to sell assets in the UK, Brazil and Germany, while a Munich court has accepted its parent’s administration filing and insolvency proceedings continue in Australia and New Zealand.

01 September 2020

NZ High Court restrains Chinese director’s bankruptcy pending directors’ duties appeal

The High Court of New Zealand has halted a bankruptcy application against a Chinese former director of local construction company Mainzeal, pending his appeal of a multi-million dollar breach of duties judgment.

17 July 2020

Australian court allows Colette administrators to hold off rent payments

The administrators of Australian fashion retail group Colette have been relieved from paying landlords for a period, after the Federal Court of Australia found the covid-19 pandemic had created “extraordinary” circumstances.

21 April 2020

DLA Piper promotes in New Zealand

DLA Piper has promoted the co-leader of its New Zealand restructuring and insolvency practice to partner.

02 August 2019

Financial services employee declared bankrupt after absconding with nearly US$3 million

A former employee of a New Zealand foreign exchange and payments services company who fled to Singapore after transferring its funds to accounts he controlled, has been declared bankrupt in a case that has already sparked asset-recovery proceedings in New Zealand, Singapore, Belgium Lithuania and South Africa.

18 June 2019

Australia’s ARITA under new leadership

The Australian Restructuring Insolvency and Turnaround Association has appointed Norton Rose Fulbright partner Scott Atkins as its president under a new governance structure.

30 May 2019

Hacked crypto platform files Chapter 15 to protect customer data

A cryptocurrency exchange has filed for Chapter 15 recognition of its New Zealand liquidation proceedings, following the theft of more than US$16 million worth of its digital assets earlier this year.

29 May 2019

Torchlight: Cayman winding-up settled, judgment issued anyway on public interest grounds

Despite the parties reaching a confidential settlement out of court, a Cayman judge that sat through a mammoth 41-day trial of a winding-up petition has handed down his judgment on the grounds there was a “strong public interest” to do so - dismissing the case as “improper”.

12 October 2018

New Zealand advisory firm appoints cross-border specialist to directors’ board

New-Zealand based financial advisory firm Hobson Wealth Partners has appointed a founding member of the International Insolvency Institute, Jenny Sutton, to lead its board of directors.

01 December 2016

Regulatory round-up: India seeks to tackle NPLs as New Zealand ponders stricter rules for insolvency practitioners

In recent weeks the Indian government has legislated for a sharp rise in its banking sector’s non-performing debt, and New Zealand has opened a public consultation to tighten up regulations for insolvency practitioners. Meanwhile, Australia has released a revised timeframe for its forthcoming insolvency reforms.

30 August 2016

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