New Zealand > Restructuring and insolvency > Restructuring and insolvency
Restructuringand insolvency
Bell Gully’s ten-partner restructuring practice acted on a variety of receivership, liquidation and moratoria in 2008 and 2009. Notably, the practice acted for the receivers of Bridgecorp, PricewaterhouseCoopers’ Colin McCloy and Maurice Noone, concerning NZ$600m creditor claims against former directors. In 2008 the practice advised the Bank of New Zealand and KordaMentha on the liquidation of Access Brokerage, and also advised Strategic Finance on a creditor moratorium and restructuring transaction. The practice also welcomed the return of Graham McKenzie as a consultant in May 2008.
One of the most significant transactions handled by the restructuring and insolvency practice at Buddle Findlay was acting for the receivers of Capital and Merchant Finance in a NZ$180m receivership. The practice is also acting for the receivers of one of New Zealand’s biggest dairy farms, worth $30m.
A highlight of 2008 for Chapman Tripp’s restructuring practice was completing a financial debt restructuring for Hanover Finance of NZ$554m in December. The practice also negotiated a debt restructuring on behalf of Nuplex banking syndicate in 2009. In addition to advising on credit moratoria for North South Finance and OPI Pacific Finance, it was also instructed by PricewaterhouseCoopers on Provincial Finance’s NZ$300m receivership.
Described by clients as ‘very strong’ and ‘better than most’, DLA Phillips Fox’s restructuring team advised Deloitte in its capacity as receiver of Dominion Finance Group concerning loans of NZ $290m. The practice also advised Deloitte in its receivership of Five Mile Developments. The practice continues to act for ANZ Bank regarding the enforcement of mortgage securities of up to NZ $3.5m. Michael Bos, Nigel Stranaghan and Martin Wiseman are recommended for their ‘strong technical ability’ and ‘commercial understanding’.
Russell McVeagh’s restructuring team negotiated the restructuring of Hanover Finance on behalf of trustee Perpetual Trust involving NZ$750m of debt. The practice also advised Perpetual Trust regarding the trust deed to secure its role as a statutory trustee in the moratorium of OPI Pacific Finance. Another highlight for the practice was acting for BOS International in securing a moratorium package concerning its role as a creditor in Strategic Finance’s moratorium. John Powell and Geoff Busch are key members of the practice.
Simpson Grierson’s restructuring practice advised McGrath Nicol & Partners on the liquidation of HIH Holdings. A highlight of 2009 was acting for PricewaterhouseCoopers regarding its receivership of Lombard Finance and Investments involving NZ$130m of debt tied up in property developments. The team also tackled a complex restructuring of loan and securities for ASB Bank.
A highlight for Kensington Swan’s nine-partner insolvency practice was acting for a company that had entered into an A$76m contract with liquidated company Bridgecorp Holdings. A highlight for the practice was its successful appeal on behalf of Holmes Construction in the Court of Appeal determining that Willis Trust was liable to pay the company NZ$1.3m and entitled to issue a bankruptcy notice.
In 2008, Lowndes Associates advised a shareholder in Hanover Finance Group on its restructuring proposals in relation to NZ$400m of debenture stock. In another new instruction, the team advised two directors on making insolvency proposals to creditors regarding claims of NZ$140m. The practice continued to act for the liquidators of Tasman Pacific Airlines regarding creditor claims of NZ$80m, and Goodall ABL Construction concerning claims of NZ$15m.
In 2009, Minter Ellison Rudd Watts advised McGrath Nicol & Partners regarding receivership of Australian ABC early childhood learning companies, involving A$1.6bn of secured debt, and on the receivership of the Geotherm Group, which incurred NZ$90m of secured debt.