Insolvency
& Business Recovery

Andrew Oorschot, based in our Christchurch office, leads our business recovery team and has over 25 years insolvency and restructuring experience in a vast range of industries. 

If you are a Director of a company that is insolvent, or at risk of insolvency, your duties are expanded to include acting in the best interests of creditors – as you have a duty to not allow the company to enter into any transaction that could create a loss for creditors. 

If you are concerned your business may be trading while insolvent, or are worried about your duties or personal exposure as a Director, contact us to discuss the situation and what actions should be taken.

The sooner you make contact the more options you will have available.

Liquidations & Receiverships

A company can be placed into receivership by a secured creditor, or into liquidation via a voluntary shareholder appointment or an order of the court as a result of creditor action. The Liquidation or Receivership process is a systematic set of steps taken by an independent Liquidator or Receiver to realise the insolvent company’s assets and distribute funds to creditors in order of legal priority.

We work with all parties to ensure the process is completed with fairness and efficiency to achieve the best possible outcome for all parties.

Restructuring & Turnaround

If there is a chance to avoid insolvency action and trade on the business it's important to act before things reach a breaking point. When it comes to turnaround strategies, you must respond to issues quickly. Many businesses fail because no one asked for help or took strategic action soon enough.

At Ashton Wheelans, we'll begin with an assessment of the situation and careful consideration of the issues below and work with you on implementing a viable recovery plan.

• Financial Position Analysis

• Profitability & Performance Management

• Cash Flow Analysis

• Funding & Restructuring Options

• Asset Utilisation & Realisation

Director's Duties - Business Solvency Update

Solvency risk is a key consideration for many company directors in the current environment. Find out more about director duties below:

Liquidation Frequently Asked Questions