The Corporate Insolvency and Governance Act 2020 (CIGA or the Act) has introduced new procedures and measures to seek to rescue companies in financial distress as a result of the COVID-19 pandemic and the resulting economic crisis. CIGA came into force on June 26, 2020 after a speedy progression through Parliament, following the publication of…
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The report detailed distributions made to creditors so far by the receivers. Kiwibank, who is a secured creditor and tipped Laybuy into receivership, is still owed $351,000 from the sum of $8.5m. The receivers said they expected Kiwibank to be repaid in full. Preferential employee claims of $336,000 remain outstanding. So far, $262,726 had been…
Collapsed retail business Mosaic Brands has been embroiled in three court cases this year, with one of these against the liquidators overseeing its collapse, brought on by a creditor. This is confirmed through documents circulated to Mosaic’s creditors by FTI Consulting, the liquidating firm, obtained by Ragtrader. FTI’s Kathryn Evans, David McGrath, Kate Warwick and…