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Brent Norling

👤 Speaker
496 total appearances

Appearances Over Time

Podcast Appearances

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Yeah, yeah.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

And then I think there's also a few, there's quite a few issues in the construction industry.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

There's also things like getting that last 10% out of your head contractor is notoriously difficult.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Um, and so it just creates cashflow issues.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Um, so with retentions, um, it's just, I've just seen so many companies now they have an obligation to hold retentions.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Um, and then they go into liquidation and there's no retentions held.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

It's just been spent.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Really?

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

And they're usually held back for things like defects, um, to allow, you know, is that there's some incentive and motivation to come back on site, fix any issues.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Um, but yeah, I think retention needs tightening up because it's becoming a bit of a theme.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Directors can be personally liable.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

You know, like I've heard the latest on teak construction.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

I'm not involved with that matter.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

But, you know, I've heard that retentions weren't held and that there is going to be litigation against the directors.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Yeah.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Um, so, you know, directors can be personally liable for those types of breaches.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Um, directors can be personally liable for all sorts of, um, director breaches.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

Um, you know, if, for example, if, if, if the company was trading insolvently, um, the directors can be held personally liable for all debts incurred during that insolvent period.

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

It's kind of worth covering off because I mean, last year that got a lot easier, so

Keep The Change
NZ Liquidations At A 15-Year High: What’s Really Happening? w Brent Norling

I think back to like Mainzeal, I think the legal fees on that were like $20 or $25 million.