Restructuring and insolvency in New Zealand

Buddle Findlay

Praised for its ‘strong technical skills, combined with impressive interpersonal engagement and commercial approach’, Buddle Findlay’s ‘highly experienced team’ is led by Auckland-based David Perry, who acts for domestic and foreign banks, insolvency professionals, corporate trustees and Crown entities on restructures, workouts and the full gamut of insolvency assignments. The Auckland office is also home to ‘technically sound’ and Personal Property Securities (PPS) specialist Scott Abel, who focuses on insolvency and debt restructuring matters, while Wellington-based Scott Barker focuses on litigious matters, including debt and asset recovery mandates. Other key members of the team include Auckland-based special counsel Myles O’Brien, who handles restructuring transactions, as well as enforcement and recovery actions.  Commercial litigators David Broadmore and Kelly Paterson - who are based in Auckland and Christchurch, respectively - are also recommended. Seb Bisley left the firm in June 2022 to join Thorndon Chambers.

Practice head(s):

David Perry

Other key lawyers:

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

Testimonials

‘Broad-based team approach so very good at pulling in specialists as required while maintaining a team approach.’

‘David Perry is one of the most expereinceed in the market and Scott Abel technically sound.’

‘Strong technical skills, combined with impressive interpersonal engagement and commercial approach.’

Key clients

Bank of New Zealand

ANZ Bank New Zealand

Calibre Partners (formerly named as KordaMentha)

PwC

McGrathNicol

Kiwibank

Grant Thornton

BDO

Reserve Bank of New Zealand

Industrial and Commercial Bank of China (New Zealand)

Work highlights

  • Advising the liquidators of Cryptopia on various issues associated with the recovery of cryptocurrency assets.
  • Advised Norwegian companies, DOF Deepwater AS and BW Offshore as creditors in the administration and subsequent receivership and liquidation of TTL.
  • Advising the Department of Corrections in relation to its creditor claims and issues arising out of the appointment of an overseas based liquidator, following the liquidation of Decmil Construction.

Chapman Tripp

The ‘top notch’ restructuring and insolvency practice at Chapman Tripp has demonstrable experience in debt restructuring and distressed debt, receiverships, as well as liquidations and administrations, and is noted for its cross-border capabilities. Key clients include insolvency firms, including Calibre Partners, Baker Tilly Staples Rodway and PwC, in addition to leading domestic banks. Michael Harper is praised as ‘one of New Zealand’s leading restructuring and insolvency lawyers, with great experience and a strong focus on achieving commercially sensible solutions in complex situations’. Harper jointly leads the Auckland-based practice alongside Michael Arthur, who is ‘a strong litigator with exceptional knowledge’ on all aspects of corporate insolvency processes. Other key members of the team include Laura Fraser and senior associate Janko Marcetic, who advises insolvency practitioners on issues arising out of receiverships, liquidations and administrations.

Practice head(s):

Michael Harper; Michael Arthur

Other key lawyers:

Laura Fraser; Janko Marcetic

Testimonials

‘Michael Harper and Michael Arthur are trusted legal experts.’

‘Deep experience built off an involvement with in complex restructuring matters in New Zealand over the past decade. Top notch.’

‘Michael Harper is one of New Zealand’s leading restructuring and insolvency lawyers, with great experience and a strong focus on achieving commercially sensible solutions in complex situations.’

Key clients

Baker Tilly Staples Rodway

Hertz Global Holdings

Work highlights

  • Acted for four of the former directors of Mainzeal Property & Construction Limited in receivership and liquidation.
  • Acted as domestic counsel to the New Zealand subsidiaries of Hertz, in connection with Hertz Global Holdings Inc’s successful reorganisation and exit from bankruptcy.
  • Acted for Calibre Partners as the receivers, recovering loans made by FE Investments, and resolving claims against the company by co-investors under loan sharing arrangements.

MinterEllisonRuddWatts

The ‘personable, engaging, competent and capable’ team at MinterEllisonRuddWatts counts leading domestic banks and insolvency practitioners in New Zealand among its key roster of clients, and notably acts as adviser to The Treasury on insolvency and restructuring assignments involving the Crown. The practice is especially well-placed to advise on trans-Tasman, regional and cross-border insolvency and restructuring assignments. In Auckland, practice co-leader Sean Gollin maintains a strong litigation and general advisory practice relating to receivership and insolvency law, security enforcement, restructuring, and corporate recovery. The Auckland office is also home to practice co-leader Michael Langdon, who advises on restructurings, distressed debt and security enforcement issues, while Wellington-based litigator Richard Gordon handles corporate insolvency cases, in addition to banking and securities law mandates. Senior associate Charlotte Carey also operates from the firm's Wellington office.

Practice head(s):

Sean Gollin; Michael Langdon

Other key lawyers:

Richard Gordon; Charlotte Carey

Testimonials

‘Strong team.’

‘Michael Langdon is always available, experienced and provides good commercial advice. Sean Gollin is very smart and articulate.’

‘Personable, engaging, competent and capable.’

‘Richard Gordon and Charlotte Carey have been superb to deal with.’

‘They get the job done quickly and efficiently.’

‘Partner Sean Gollin has provided us with excellent service for over 20 years.’

‘An experienced team which capably led. Long and strong history in restructuring and insolvency.’

‘Sean Gollin ably leads the team, is well versed and very experienced. Calm but persistent and gets results.’

Key clients

Bank of New Zealand

Westpac New Zealand

ASB Bank

ANZ Bank New Zealand

Kiwibank

BDO

KPMG

Rabobank

Grant Thornton

BCR Advisory

Work highlights

  • Acting for the receivers, BDO, on the receivership of Warkworth Holdings Limited (in receivership and liquidation).
  • Acted for Westpac in strategically managing its significant exposure to the Sacred Hill winery group, including Sacred Hill Vineyards Limited (Vineyards) and Sacred Hill Marlborough Vineyards Limited (Marlborough), including appointing receivers to each of Vineyards and Marlborough and also administrators to Marlborough.
  • Acting for the liquidators, BDO in proceedings brought against Mainzeal’s directors of Mainzeal and two related companies controlled by Mainzeal Group’s principal.

Russell McVeagh

Russell McVeagh has demonstrable experience in high-profile insolvencies, often involving a cross-border element, in addition to domestic insolvency processes and corporate distress matters arising out of the property development and construction, hospitality and retail sectors. Praised for his ‘depth of experience in this space’, Matthew Kersey leads the practice and regularly acts for secured creditors and insolvency practitioners in relation to security enforcement issues, restructuring, recovery and insolvency strategies. Polly Pope advises receivers, liquidators, voluntary administrators and creditors in solvent corporate reorganisations and takeovers, while banking and finance partner John Powell assists domestic banks and corporate clients on restructuring matters. Other key contacts in the team include Nathaniel Walker and senior associate Jeremy Upson, and senior associate Alex MacDuff rejoined the firm in November 2021 from Allen & Overy LLP’s London office. All named practitioners are based in the Auckland office.

Practice head(s):

Matthew Kersey

Other key lawyers:

Polly Pope; John Powell; Alex MacDuff; Nathaniel Walker; Jeremy Upson

Testimonials

‘Very experienced team with great depth.’

‘Matt Kersey is commercially minded and gives practical advice. Polly Pope is very experienced.’

‘Clear concise advice delivered through a commercial lens.’

‘Matt Kersey has a great depth of experience in this space.’

Key clients

KPMG

PwC

Calibre Partners

McGrath Nicol

BDO

EY

Meltzer Mason

Westpac Bank

ANZ Bank

ASB Bank

Work highlights

  • Advising and representing KPMG in court on the unique Halifax trans-Tasman matter, with NZ and Australian teams holding joint hearings and appeals from those hearings over the distribution of a mixed fund from an insolvent derivatives business.
  • Representing BDO as receivers of the Sacred Hill wine group, with multi-jurisdictional realisations and ongoing concern sales preserving the business and its distribution networks.
  • Advising administrators appointed to Sanctuary and Lighthouse property development failures in Auckland central, including overcoming the challenge by Amstar, in a case regarding the voluntary administration moratorium.

Simpson Grierson

Simpson Grierson’s restructuring and insolvency practice operates as part of the firm’s wider banking and finance group, housing a team of specialists who advise on all aspects of corporate restructuring and insolvency, security enforcement, distressed debt trading and restructuring investment. Based in Auckland, James Caird leads the practice with the support of banking and finance head Stuart Evans, and is not for his expertise in cross-border insolvencies, in addition to liquidations, receiverships, administrations and other insolvency proceedings. The Wellington office is home to Josh Cairns, who focuses on debt restructurings and formal insolvency assignments, and special counsel Steve Flynn, who notably continues to advise on the Taratahi Agricultural Training Centre liquidation. Auckland-based Ben Upton, who is commended as a ‘highly knowledgeable’ banking, asset recovery and insolvency litigator, is another key member of the team.

Practice head(s):

Stuart Evans; James Caird

Other key lawyers:

Josh Cairns; Steve Flynn; Ben Upton

Testimonials

‘James Caird provides practical and efficient advice, while Ben Upton is highly knowledgeable.’

‘The depth and knowledge of the team is amazing, they are responsive and available at the drop of a hat and provide straightforward practical advice.’

‘Working with Steve Flynn and Josh Cairns is always enjoyable and we value the calm, sound advice that they always deliver.’

Key clients

Westpac

Calibre Partners

PwC

ASB Bank

McGrathNicol

KPMG

Bank of New Zealand

BDO

Heartland Bank

Grant Thornton

Financial Markets Authority

EY

Arena Investors

Work highlights

  • Advising Arena, as secured creditor, on the receivership, voluntary administration, and liquidation of the Ormiston Rise housing development and on funding the entity purchasing the development from the receivers.
  • Advising the liquidators of Armstrong Downes Commercial on all aspects of the liquidation, including the resolution of creditor claims and claims on assets, the evaluation of options for each project, and liquidation of assets.
  • Advising Taratahi Agricultural Training Centre on apsects of its liquidation and recently received High Court directions as to the sale of Taratahi’s land.

Anthony Harper

Counting domestic banks and finance companies among its key roster of clients, the ‘go-to’ restructuring and insolvency team at Anthony Harper acts for receivers, liquidators, administrators and investigative accountants on matters pertaining to distressed businesses, security priority issues and the sale of assets. In the firm’s Christchurch office, Crispin Vinnell leads the practice and has a ‘wealth of knowledge’ in insolvency and corporate recovery matters, while Auckland-based Dan Hughes specialises in insolvency litigation. The Auckland office is also home to litigator Lynne Van, who advises liquidators, receivers and private clients on restructurings, breach of directors’ duties claims and voidable transactions, while Christchurch-based special counsel Chloe Jolliffe focuses on repossession of goods and real property, and personal and corporate insolvency.

Practice head(s):

Crispin Vinnell

Other key lawyers:

Lynne Van; Dan Hughes; Chloe Jolliffe

Testimonials

‘They also very helpful, approachable and easy to deal with. They are always on call to discuss any matter.’

‘Crispin Vinnell has a wealth of knowledge, is practical, helpful and solutions focused.’

‘The team is an absolute pleasure to work with and they are my go-to firm for the bulk of cases we deal with.’

‘The Anthony Harper (AH) team continue to provide exceptional services. The AH team has highly experienced and highly competent solicitors, and they work collaboratively within the team to provide us with the best possible advice.’

‘We deal primarily with Crispin Vinnell and Chloe Jolliffe. Both are highly experienced and vastly capable.’

Key clients

All of Government Panel

Westpac New Zealand Limited

ASB Bank

Ernst & Young

KPMG

Heartland Bank Limited

Kiwibank Limited

Deloitte

McGrathNicol

PricewaterhouseCoopers

Rodgers Reidy

Work highlights

  • Acting for the liquidators of CBL Insurance Limited (in liquidation), in a claim against the directors, actuaries and advisors of the company in respect of losses claimed at no less than $320m.
  • Advised VinLink Marlborough Limited on the acquisition of assets from one of Sacred Hill Marlborough Limited (in receivership and in liquidation).
  • Advising and conducting litigation for the liquidator of Decmil Construction NZ Limited (in Liquidation) following a dispute with the Department of Corrections in relation to a contract for works in respect of 5 prison sites across New Zealand valued at approximately NZ$185m.

Dentons Kensington Swan

Dentons Kensington Swan’s restructuring and insolvency practice frequently collaborates with the firm’s construction and major projects department to assist with debt recovery and enforcement work, in addition to priority disputes and voidable transactions. The team also acts for creditors and insolvency practitioners with businesses in financial distress, as well as liquidations and restructurings. In the firm’s Auckland office, James McMillan leads the practice and has demonstrable experience in high-profile restructuring and insolvency cases, as demonstrated by his advice in the voluntary administration and subsequent liquidation of STA Travel Group. Other key members of the team include banking and financial services partner Liz Lim and David Shillson, who operate from the firm’s Auckland and Wellington offices respectively.

Practice head(s):

James McMillan

Other key lawyers:

David Shillson; Liz Lim

Testimonials

A hardworking, friendly team that takes the time to understand their clients’ issues. Offer constructive advice and gets to the heart of the issue.’

Key clients

ANZ Bank New Zealand Limited

HSBC

Deloitte

BDO Auckland

Calibre Partners

KPMG

PwC

Youth Hostel Association New Zealand

Kāinga Ora – Homes and Communities

New Zealand Institute of Chartered Accountants

Sarsfield Engineering Limited

Heartland Bank Limited

Work highlights

  • Advised David Webb and Colin Owens of Deloitte as liquidators of STA Travel on a court application seeking directions on how to deal with customer refunds.
  • Advised on Youth Hostel Association’s restructuring and re-financing.
  • Advising on the recovery and sale of property owned by DDL.

DLA Piper New Zealand

Primarily based Auckland, the multidisciplinary team at DLA Piper New Zealand leverages the expertise of the firm’s corporate, finance and litigation departments to act for banks, insolvency practitioners and corporate clients on a range of restructuring and insolvency matters. Alicia Murray, who focuses on contentious matters - including applications for liquidation, voidable transactions and claims against directors as well as debt recovery - jointly leads the team alongside Michael Thompson, who advises on cross-border financial transactions and debt restructurings. Head of the firm’s litigation group Iain Thain, is another key member of the practice.

Practice head(s):

Alicia Murray; Michael Thompson

Other key lawyers:

Iain Thain

Key clients

Heartland Bank

Foodstuffs North Island Ltd

Humm Group

Dual NZ

Trustees Executors

Auckland Council

Work highlights

  • Advised Cornwall Park Trust Board as lessor on the insolvency of the Auckland Agricultural Pastoral and Industrial Shows Board as lessee of ASB Showgrounds including termination of the ground lease, re-entry and acquisition of the assets from the liquidator of the Shows Board.
  • Advising The National Trading Company of New Zealand Ltd (NTC) in respect of the continuation of the construction projects, its claim in the liquidation and its rights in respect of the insolvent company.
  • Advising Sustainable Luxury Mauritius Limited (Six Senses Fiji) on its rights under the Hotel Management Agreement (HMA) it has with the insolvent entity, and in relation to the sale of the hotel and assignment of the sub-lease.

TWA Legal Limited

Based in Auckland, specialist restructuring and insolvency firm TWA Legal Limited counts banks and other financial institutions, secured and unsecured creditors of insolvent companies, distressed corporate borrowers and their directors, and insolvency practitioners among its key roster of clients. Mike Whale has considerable experience acting for domestic and international clients in restructuring projects, while Jennifer Tunna advises on the execution of business and asset sales in distressed situations and Michael Anderson acts for corporate trustees and public security issuers on debt issues and managed funds. The team welcomed special counsel Kerry Puddle from K3 Legal Limited in May 2022.

Practice head(s):

Mike Whale; Jennifer Tunna; Michael Anderson

Other key lawyers:

Kerry Puddle

Testimonials

‘Genuine commitment, knowledge, and care.’

Key clients

Rodewald Consulting Limited

Advance Scaffold (Auckland) Limited

Khov Jones

PKF Corporate Advisory & Recovery Auckland Limited

Ernst Young

BDO Auckland

BDO Tauranga Limited

BDO Wellington Limited

McDonald Vague Limited

Deloitte

Work highlights

  • Advising Khov Jones and Rodewald Consulting Limited, liquidators, in the liquidation of Autoterminal New Zealand Ltd (ATNZ).
  • Acted for Advance Scaffold (Auckland) Limited in its restructuring,  to fund and refinance the purchase price of its assets.
  • Advising liquidators of Khov Jones (Botanical Holdings Limited) on dealing with long tail contingent claims arising from company’s supply of defective building products.

Bell Gully

The Auckland-based restructuring and insolvency practice at Bell Gully counts leading domestic banks, accounting firms and receivers among its key roster of clients, and has demonstrable capability in insolvencies, receiverships and liquidations. Practice c0-chair David McPherson is a key figure in the practice for debt restructuring and distressed debt acquisitions, as well as receiverships. McPherson jointly leads the team alongside litigator Tim Fitzgerald, who acts for lenders and insolvency practitioners on claims against debtors, directors, auditors, and insurers. Special counsel Nick Moffatt left the firm in July 2022.

Practice head(s):

David McPherson; Tim Fitzgerald

Key clients

PwC

ANZ Bank New Zealand Limited

KordaMentha

McGrath Nicol

KPMG

ASB Bank

BNZ

Grant Thornton

BDO

Ferrier Hodgson

Work highlights

  • Advising Worldwide Leisure Limited in a long-running dispute between two parties who claim to have an interest in the assets of Worldwide Leisure Limited, the company that owned the Huka Lodge.
  • Acted for Calibre Partners as receivers of three recent receiverships.

Mayne Wetherell

Counting leading domestic banks and accounting firms among its key roster of clients, Auckland-based Mayne Wetherell handles large-scale public and private transactions in New Zealand, and subsequently receives restructuring and insolvency mandates arising from these deals. Will Tipping leads the team, and has demonstrable experience in acquisition financing and special situations.

Practice head(s):

Will Tipping

Key clients

Westpac New Zealand Limited

Bank of New Zealand

ASB Bank

Calibre Partners

Work highlights

  • Acting for Calibre Partners, the receivers, in respect of the receivership of the Van Leeuwen Dairy Group.

Norling Law Limited

Praised for its ‘high degree of specialism in insolvency and restructuring’, boutique firm Norling Law Limited counts liquidators and receivers, as well as directors of distressed and insolvent companies, creditors and shareholders among its key roster of clients. The Auckland-based team is led by Brent Norling, who has demonstrable experience in insolvency disputes and business restructurings, in addition to appearing before the District Court, High Court and Court of Appeal. Senior associate Anna Cherkashina is another key member of the team.

Practice head(s):

Brent Norling

Other key lawyers:

Anna Cherkashina

Testimonials

Norling Law have a high degree of specialism in insolvency and restructuring.’

‘Brent Norling comes from an insolvency practice background and has a strong knowledge in the area. He has trained his staff well and they also have a high degree of knowledge.’