Restructuring and insolvency in New Zealand

Buddle Findlay

Buddle Findlay is highlighted for its ‘wide commercial experience, with specialist knowledge in finance, restructuring and insolvency areas’. The team benefits from the non-contentious restructuring expertise of Auckland-based practice head David Perry, particularly in workouts. Litigation expert Scott Barker has experience in assisting clients with complex and contentious liquidation matters. Scott Abel is a key name for insolvency, debt restructuring and securities advice, and well-regarded commercial litigator David Broadmore has particular expertise in disputes arising from insolvency situations. Also specialising in commercial litigation, Kelly Paterson has experience acting in cases involving insurance, contract disputes, insolvency and credit recovery. Myles O’Brien is also a notable member of the team, providing expertise in corporate transactional banking and property finance. January 2023 saw the promotion of Bridie McKinnon and Luke Sizer to partner.

Responsables de la pratique:

David Perry


Autres avocats clés:

Scott Abel; Scott Barker; Myles O’Brien; David Broadmore; Kelly Paterson


Les références

‘Team has wide commercial experience with specialist knowledge in finance, restructuring and insolvency areas. Always readily available to provide assistance. Understand our processes and consider commercial/practical aspects in addition to legal aspects.’

‘They understand our requirements and are always available and willing to fully discuss matters, providing considered advice and assistance. Specific individuals who provide high levels of service include Kelly Paterson, Jan Etwell, David Perry, Myles O’Brien & Celia Olds.’

‘Scott Abel – very good technically. Works hard and is always responsive and available. Fantastic lawyer.’

Principaux clients

Bank of New Zealand


ANZ Bank New Zealand


Calibre Partners


PwC


McGrath Nicoll


Grant Thornton


BDO


Reserve Bank of New Zealand


FTI Consulting


PKF Corporate Recovery and Insolvency


Principaux dossiers


  • Advising PwC as administrators of Ruapehu Alpine Lifts (RAL), which runs the Whakapapa and Turoa ski fields on Mt Ruapehu.
  • Advising Calibre Partners as receivers of Island Escape Cruises (IEC) and Seasons Shipping (SSL), two companies in receivership.
  • Advising PwC as administrators of Go To Collection (GTCL), a hospitality group.

Chapman Tripp

Clients of the restructuring and insolvency practice at Chapman Tripp appreciate the team's ‘deep experience, innovative solutions and breadth of disciplines‘. The team balances a broad workload, regularly assisting its clients with debt restructuring, voluntary administration, distressed debt transactions and receiverships. The team is jointly led by the Auckland-based Michael Harper and Michael Arthur. Harper is ‘outcome focused and widely respected', and Arthur is commended for being a ‘strong advocate‘ and possessing ‘deep knowledge’. Also based in the Auckland office, Janko Marcetic is well versed in receiverships and liquidations.

Responsables de la pratique:

Michael Harper; Michael Arthur


Autres avocats clés:

Janko Marcetic


Les références

‘Deep experience, innovative solutions, highly responsive, breadth of disciplines covered means one stop shop.’

‘Michael Harper – deep experience, outcome focused, widely respected. Michael Arthur – strong advocate, deep knowledge.’

Principaux clients

Calibre Partners


Ministry of Business, Innovation and Employment – |Kanoa


Bank of New Zealand


Westpac New Zealand


Crown Irrigation Investment


Baker Tilly Staples Rodway


Principaux dossiers


  • Acting for the receivers (Calibre Partners) on the pre-pack voluntary administration and receivership of Optic Security.
  • Acting for the Crown in relation to its position as secured creditor in the voluntary administration of Mount Ruapehu Alpine Lifts.
  • Acting for the secured creditor (Crown Irrigation Investments) and the receivers (Calibre Partners) of Kurow-Duntroon Irrigation Company (KDIC) in relation to all aspects of the receivership.

MinterEllisonRuddWatts

The ‘very practical and responsive’ practice at Minter Ellison regularly acts for leading banks and insolvency practitioners. The practice has standout expertise in the agribusiness sector, specifically in farm debt mediation, where it regularly acts for major domestic banks. Auckland-based partners Sean Gollin and Michael Langdon jointly lead the practice: Gollin has expertise in solvent and insolvent restructurings, selling distressed debt and securities, security enforcement, and recovery strategies; and Langdon frequently advises on directors’ duties and security reviews. In the Wellington team, Richard Gordon advises the main trading banks, and Charlotte Carey is a name to note at the senior associate level.

Responsables de la pratique:

Michael Langdon; Sean Gollin


Autres avocats clés:

Richard Gordon; Charlotte Carey


Les références

‘A strong team with Sean at the head. Very practical and responsive.’

‘Sean is a leader in the field and very hands on.’

‘Level of knowledge, advice, soft skills and preparation for client engagements all excellent.’

Principaux clients

ANZ


ASB


BNZ


Westpac


Rabobank


HSBC


PwC


Deloitte


KPMG


BDO


KordaMentha


McGrathNicol


Grant Thornton


Treasury New Zealand


LPF Group


Principaux dossiers


  • Acted for Westpac in obtaining urgent freezing orders in the New Zealand High Court against Iugis in relation to NZD42.8m that Westpac funded as a result of an alleged forgery scheme.
  • Acting for liquidators BDO in proceedings brought against directors of Mainzeal and two related companies controlled by Mainzeal Group’s principal.
  • Acting for BNZ in a longstanding multimillion-dollar debt recovery matter involving numerous entities owned or controlled by a prominent businessman and UK resident.

Russell McVeagh

Handling the full range of restructuring and insolvency-related matters, clients consider the practice at Russell McVeagh to be ‘at the top of the market in this field in New Zealand’. The team’s workload features cross-border liquidations, receiverships, voluntary administrations, secured creditor enforcement and distressed investments. The practice is noted in particular for its expertise in the real estate and construction, retail, hospitality, financial services and forestry industries. Matthew Kersey leads the practice, which benefits from his ‘brilliant commercial mind‘ and expertise in cross-border insolvency. John Powell is experienced in advising banks and corporates on restructuring matters. Wellington-based litigator Nathaniel Walker focuses his practice on cross-border matters. All lawyers are based in Auckland unless stated otherwise.

Responsables de la pratique:

Matthew Kersey


Autres avocats clés:

John Powell; Nathaniel Walker


Les références

‘Russell McVeagh’s restructuring and insolvency practice is hugely experienced, well resourced and is instructed in most of the major cases in this area. They are at the top of the market in this field in New Zealand.’

‘Matt Kersey is an extraordinary lawyer. A brilliant commercial mind, he understands insolvency and corporate law and the commercial context of any case seemingly effortlessly. He is a go-to for any complex insolvency case. And on top of that an excellent leader and engaging individual who handles his team and clients superbly.’

‘Pragmatic, proactive, expertise and good communication.’

Principaux clients

KPMG


BDO


OCP Asia Pacific


Calibre Partners


Meltzer Mason


ANZ Bank New Zealand


Qualitas


McGrathNicol


The board of directors of the Kurow-Duntroon Irrigation Company


Westpac New Zealand


First Mortgage Trust


Olvera Advisers


Chan Mow & Company


Principaux dossiers


  • Advised the board of directors of Kurow Duntroon Irrigation Company on all aspects of the company’s significant debt restructuring by way of receivership and voluntary administration.
  • Advising ANZ as senior lender to Ruapehu Alpine Lifts on the proposed debt restructuring via voluntary administration.
  • Advising Chan Mow & Co on its successful application to remove the liquidator appointed to Progressive Insurance Company, formerly one of the largest insurers in Samoa.

Simpson Grierson

Forming part of the firm’s wider banking and finance practice, the restructuring and insolvency team at Simpson Grierson is praised for being ‘technically sound on very complex matters’. The firm's specialists advise on the full spectrum of corporate distressed situations and insolvency-related matters, security enforcement, cross-border insolvency and distressed debt trading. James Caird and Josh Cairns co-lead the practice from the Auckland and Wellington offices, respectively. Caird is a key contact for cross-border insolvencies and Cairns focuses his practice on debt restructurings and formal insolvency assignments. In Wellington, special counsel Steve Flynn is praised for his ‘wealth of knowledge‘, and Auckland-based partner Ben Upton is a specialist in asset recovery, banking and insolvency litigation.

Responsables de la pratique:

Josh Cairns; James Caird


Autres avocats clés:

Steve Flynn; Ben Upton


Les références

‘Pragmatic, proactive, expertise, good communication.’

‘Technically sound on very complex matters. Knows our requirements. I’d highlight Josh Cairns.’

‘The restructuring and insolvency practice provide commercial and pragmatic solutions to any matter put before them. They understand our risk profile and adapt their responses according to the situation at hand, ensuring we are protected whatever decision is made.

Principaux clients

Westpac


Calibre Partners


PwC


ASB Bank


McGrathNicol


KPMG


Bank of New Zealand


BDO


Heartland Bank


Grant Thornton


EY


Arena Investors


Principaux dossiers


  • Advised Arena Investors on the pre-packaged restructuring of Australasian security contractor Optic Security Group.
  • Advising Grant Thornton as liquidators of Jonesy Construction, a significant residential construction company in the Wellington region.
  • Advising ASB Bank (as appointing secured creditor) and Grant Thornton New Zealand (as receivers) on the complex receivership of the Drymix Group.

Anthony Harper

Operating from its offices in Auckland and Christchurch, the practice at Anthony Harper is ‘highly regarded by those in the insolvency field’. The team is regularly instructed by insolvency practitioners, banks and finance companies, and has particular strength in the areas of mortgagee sales, asset recovery, debt factoring and personal insolvency. Crispin Vinnell heads the practice from the Christchurch office and is a key contact for banking and insolvency matters. In Auckland, expert litigator Dan Hughes handles insolvency litigation and Lynne Van is well versed in acting on matters before the Supreme Court, Court of Appeal and High Court. Chloe Jolliffe is also a key contact in the Christchurch office for matters related to real property.

Responsables de la pratique:

Crispin Vinnell


Autres avocats clés:

Lynne Van; Dan Hughes; Chloe Jolliffe


Les références

‘Anthony Harper are a leading insolvency litigation and restructuring firm. They have exceptional experience that is second to none in this area and are highly regarded by those in the insolvency field. ’

‘Availability, advice and knowledge of our business. AH have taken the time to understand our business and associated risks and mitigants to assist us.’

‘Chloe Jolliffe is my main point of contact. She is most helpful with anything property related and always has the time to discuss matters no matter how trivial. Chloe is extremely responsive and diligent.’

Principaux clients

McGrathNicol


Avior Consulting


VinLink Marlborough


Cor Cordis


Pitcher Partners


Southbase Construction


PKF Corporate Recovery


Principaux dossiers


  • Acted for the liquidators of CBL Insurance (in Liquidation), in a claim against the directors and advisors of the company in respect of losses claimed at no less than $320m.
  • Advised VinLink Marlborough on the acquisition of assets from one of New Zealand’s largest wine-makers and growers, Sacred Hill Marlborough (in receivership and in liquidation).
  • Acting for the liquidators of Vac-U-Digga NZ (in Liquidation and Receivership) investigating a number of claims for potential recovery, including payments to related parties prior to the liquidation.

Dentons New Zealand

The team at Dentons New Zealand is frequently instructed by banks, trade creditors, directors and insolvency practitioners. The practice works closely alongside the firm’s construction and major projects practice to assist with debt recovery and enforcement work and has particular expertise in this area. Auckland-based practice head James McMillan draws on 19 years of experience acting for banks, insolvency practitioners, directors and construction companies. David Shillson and Liz Lim have a corporate focus, specialising in banking and finance matters from the Wellington and Auckland offices, respectively.

Responsables de la pratique:

James McMillan


Autres avocats clés:

David Shillson; Liz Lim


Principaux clients

ANZ Bank New Zealand


HSBC


Deloitte


BDO Auckland


Calibre Partners (formerly known as KordaMentha)


KPMG


PwC


Youth Hostel Association New Zealand


Grant Thornton


Heartland Bank


Principaux dossiers


  • Acted for liquidators of STA Travel in the High Court application for directions on how to treat refunds of over $400,000 paid to STA Travel by airlines and other travel providers.
  • Acted for YHA in its restructuring and refinancing.
  • Acted for liquidators in a successful claim against a shareholder resulting in a bankruptcy.

DLA Piper New Zealand

Based primarily in Auckland, the restructuring and insolvency team at DLA Piper New Zealand regularly acts for insolvency practitioners and secured creditors in large-scale corporate insolvencies. The multifaceted practice combines expertise in insolvency, litigation and corporate law to assist clients with a range of insolvency matters.  Alicia Murray and Michael Thompson jointly lead the practice, which benefits from Murray’s litigation experience for contentious insolvency matters and Thompson’s corporate experience for major corporate insolvencies. Iain Thain is also an active member in the team.

Responsables de la pratique:

Alicia Murray; Michael Thompson


Autres avocats clés:

Ian Thain


Les références

‘DLA Piper have a strong restructuring and insolvency practice.’

‘Reuben Woods and Alicia Murray are both trusted restructuring and insolvency advisers. They are our go to people when we have insolvency issues.’

‘Alicia is an experienced and capable insolvency lawyer who is comfortable on her feet in Court and in being robust when needed.’

Principaux clients

Kare Johnstone and Andrew Grenfell of McGrathNicol as liquidators of CBL Insurance


Foodstuffs North Island


Heartland Bank


Sustainable Luxury (Mauritius)


Cornwall Park Trust Board


Trustees Executors


Auckland Council


Principaux dossiers


  • Advised Cornwall Park Trust Board as lessor on the insolvency of the Auckland Agricultural Pastoral and Industrial Shows Board as lessee of ASB Showgrounds.
  • Assisting the liquidators of CBL Insurance with filing High Court proceedings against a major creditor, Alpha Insurance.
  • Advising Sustainable Luxury Mauritius about its rights under the Hotel Management Agreement it has with an insolvent entity, and in relation to the sale of the hotel and assignment of the sub-lease.

TWA Legal Limited

With ‘some of the leading and most respected minds in insolvency‘, Auckland-based restructuring and insolvency boutique TWA Legal Limited has significant expertise in insolvency-related litigation. The firm regularly acts for specialist insolvency practitioners in the region, as well as for its banking and finance clients. The team is jointly led by Mike Whale, Jennifer Tunna and Michael Anderson. Whale has extensive experience acting for domestic and international clients, as well as specialised financial institutions; Tunna is well versed in executing business and asset sales across a range of industry sectors, particularly in distressed situations; and Anderson is particularly experienced in advising corporate trustees and public security issuers in respect of debt issues and managed funds. Special counsel Kerry Puddle is also a key member of the team.

Responsables de la pratique:

Mike Whale; Jennifer Tunna; Michael Anderson


Autres avocats clés:

Kerry Puddle


Les références

‘The team there is small but well formed with some of the leading minds and most respected in insolvency. They are cost effective, provide great service in that they turn things around quickly, they understand our industry and the need for both legal and pragmatic advice. They listen to us and aren’t afraid get debate issues and listen to us as a client.’

‘All of the team, and in particular Jen Tunna, is extremely capable but also very personable. She makes herself available, is quick to turn work around and she is well supported by the two Mikes who are both very well-respected lawyers. They are all very honest, reliable and hard working people.’

Principaux clients

Khov Jones and Rodewald Consulting


BDO Tauranga


BDO Auckland


Hufcor


BDO Wellington


Deloitte


Ernst Young


PKF Corporate Recovery and Insolvency Auckland


McDonald Vague


Principaux dossiers


  • Acting for Khov Jones as liquidators of Autoterminal New Zealand.
  • Acting for BDO Tauranga as receiver of South Pacific Industrial.
  • Acting for Hufcor in the context of the liquidation of its New Zealand subsidiary.

Bell Gully

Praised for its ‘depth of experience’, Bell Gully is a popular choice among domestic banks and accounting firms. The Auckland-based restructuring and insolvency practice is regularly tasked with a range of contentious and non-contentious matters, including receiverships, liquidations and contentious enforcement issues. Tim Fitzgerald is well versed in advising lenders and insolvency practitioners on claims against debtors, directors and auditors. David McPherson is a key contact for advice on distressed debt acquisitions and receiverships. Together, McPherson and Fitzgerald lead the practice.

Responsables de la pratique:

Tim Fitzgerald; David McPherson


Les références

‘Depth of experience, always very responsive – quick turnaround.’

‘Dave Mcpherson – experienced, calm under pressure, responsive, pragmatic. David Friar – deep knowledge.’

Principaux clients

PwC


ANZ Bank New Zealand Limited


Calibre Partners (formerly KordaMentha)


McGrath Nicol


KPMG


ASB Bank


BNZ


Grant Thornton


BDO


Ferrier Hodgson


Principaux dossiers


  • Acted for Calibre Partners as receivers of three recent high-profile receiverships.
  • Acting for Pearlfisher Capital in a series of connected disputes concerning Pearlfisher’s proposed lending to Mega Capital Group.
  • Advising PwC as liquidators in several complex liquidations, including N F Global Limited.

Mayne Wetherell

Mayne Wetherell is praised for its ‘deep experience‘ and ‘innovative solutions to complex situations‘. The restructuring and insolvency practice is often involved in matters connected to the firm’s corporate and finance practices. Clients include domestic and international financial entities. Practice head Will Tipping is a ‘legal powerhouse‘ and has significant expertise in acquisition financing and special situations.

Responsables de la pratique:

Will Tipping


Les références

‘Deep experience and innovative solutions to complex situations.’

‘Mayne Wetherell often distinguishes itself from other firms through its specialized expertise in the restructuring and insolvency practice areas. The firm takes a client-focused approach and is able to prioritize strong relationships, understand our unique needs, and provide tailored legal solutions. We are also impressed with collaboration among its teams and staff can offer more comprehensive and well-rounded legal advice.’

‘We have had great experiences working with Will Tipping from the Mayne Wetherell team. He is a legal powerhouse with exceptional expertise, has a proven track record of success, and always takes a client-centric approach. His innovative thinking and masterful communication set him apart from other ones we have dealt with.’

Principaux clients

Westpac New Zealand Limited


Bank of New Zealand


ASB Bank


Calibre Partners


Principaux dossiers


Norling Law Limited

Boutique law firm Norling Law Limited is a popular choice for creditors and shareholders, liquidators and receivers, as well as directors of distressed and insolvent companies. Practice head Brent Norling leads the Auckland-based team and has particular experience in disputes and business restructurings. At the senior associate level, Anna Cherkashina is a name to note.

Responsables de la pratique:

Brent Norling


Autres avocats clés:

Anna Cherkashina


Principaux dossiers