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Those involving more complex matters can take a year, or sometimes several years.
The factors that tend to delay completion of a liquidation are long drawn-out legal matters or sale of high value assets.
The main exception is where the new company buys the old company's assets from its receiver or liquidator.
In this situation the directors must write to all creditors of the old company advising them of the new company's formation.
We can provide details of legal contacts in this field on request, at no cost.
If you have credit insurance, you should check with your insurer whether you are covered for all or part of your loss.
The IRD ranks as preferential for PAYE and GST, on the basis that these funds are held by the company in trust for the IRD.
Only the core debt is preferential, not any related interest or penalties. The IRD's preferential claim ranks behind employee claims for wages, holiday pay and redundancy pay.
As long as the sale is at the same price or higher than would be achieved on the open market, there is usually no reason why it should not take place.
These preferential claims are capped at ,340 per employee.
This is a slightly complicated area, but the broad outline is as follows.
They can also face a substantial fine or even imprisonment.
These are known as the 'phoenix company' provisions.