8:00pm 21st September - 2011Where did all the money go and who is to blame? New Zealand currently has over 400,000 companies registered with the …">
Where did all the money go and who is to blame?
New Zealand currently has over 400,000 companies registered with the Companies Office. Each year over 8,000 companies fail and are liquidated pursuant to a creditors’ application. Many failed companies leave creditors out of pocket. In some instances otherwise profitable businesses and solvent individuals dragged down into liquidation and bankruptcy as a result of the reckless management of their debtors.
The 1993 Companies Act introduced a new regime to enable creditors to bring class actions against directors of failed companies who traded recklessly and/or incurred obligations that could not be reasonably met. Such actions enabled creditors to seek orders requiring one or more directors to contribute sufficient funds to the company to pay all of its creditors. The right to take such a course of action and what it entails is generally not well understood.
This webinar provides an insight into the liability of directors of failed companies, the steps that can be taken against them to compensate prejudiced creditors and practical implications of such proceedings.
The Webinar will be of value to commercial solicitors and their clients who are considering avenues for recovering losses as a result of a corporate collapse.
The Webinar will be presented by Chris Patterson, Barrister. Chris has been counsel in a number of reckless trading claims and has represented both local and overseas based directors and creditors.
Title: Directors Liability for Reckless Trading
Date: Wednesday, September 21, 2011
Time: 8:00 PM – 8:25 PM NZST
After registering you will receive a confirmation email containing information about joining the Webinar.
Required: Windows® 7, Vista, XP or 2003 Server
Required: Mac OS® X 10.5 or newer
By Chris Patterson