Brent Norling

It's the highest liquidation numbers in 15 years.

It's the highest since the GFC.

I actually think it's going to be a real hard next couple of years.

National tax debt, we've gone from 2.5 to 9.5 and I think the next update will start with a 10.

How often do the employees get burnt in this process?

Yeah, it's a big mix.

I had someone recently who left a stable employment, moved to a company, they headhunted her, and then six weeks later, that company went into liquidation.

And she's sitting there going, what the hell?

I have seen countless cases where KiwiSaver's being deducted and not paid.

If you're going to continue to trade, you need a solid plan, and it can't be some pie in the sky.

yeah yeah so do you want to talk to us about what a liquidation is to start with just so we can educate the audience and then secondly what why are there so many at the moment yeah maybe i'll start with what liquidation isn't so because a lot of people get confused between bankruptcy and liquidation so liquidation isn't about your personal insolvency that's bankruptcy liquidation is about a corporate entity that

Is insolvent and has had a formal liquidator appointed either by court or shareholders.

Yeah, I mean, how does the process start?

It's usually creditor-driven.

I mean, I think in New Zealand, it's definitely a bit of a she'll be right.

And, you know, if you lose money on a job, you do the next job, try and pay the previous job.

So a lot of the time, the shareholders are appointing a liquidator only when they have to, when they've got no other options left.

And so...

Usually that process is commenced by creditors.

Right now, the IRD is the majority of creditor appointments.