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Companies - Winding Up a Company

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MONEY OWED TO YOU BY A COMPANY.

This topic will provide you with the law and the documents you need to wind up a company.

We give you the form used to make a section 289 Statutory Demand (formerly a 218 Notice). 

We will also give you the forms and the procedure you need to use to wind a company up.

You should also look visit our specialist site entitled Debt Collection which starts off with a great deal of information and documents for collecting debts. 

But Companies are in a different situation,  particularly if the debt is undisputed and is just not being paid.

We provide you with the direct link to our other related topic :

Debt Collection

The COMPANIES ACT 1993 provides a quick procedure for ensuring payment, or at least of knowing if the payment is possible. 

It can be used only if there is no dispute that the debt is owing. 

It used to be called the 218 Notice but now that the Companies Act has changed it is called  -  A 289 Statutory Demand.

The beauty of this Notice is that if the Company does not pay the amount demanded within 15 working days then you can move to wind the Company up in the High Court. 

If the debt is truly owing then rarely does a Company place itself at risk of being wound up.  The Company usually pays.....The first part of this topic has been displayed free of charge. Join up for $45 to have access to this and all other topics!


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"I found all this Company Law stuff really helpful. Not too academic but enough to get a really good grounding in some of the pitfalls. You need to read all the company topics to get a handle on this huge area. Anthony - Christchurch - April 2007"
"it is utterly unfair that a debtor can get away with not paying, and often does simply because the creditor doesn't have the money (because the debtor didn't pay!) to go through all of this process. I'm sickened by the proceess which has seen me now not only being ripped off by this debtor, but then(and still) by the debt collector I folishly decided to use because I couldn't afford the intial legal fees (due to not being paid by the debtor!). Court has finally decided in our favor, but debtor still hasn't paid and I have to find more yet money to apply to have him liquidated, without any promise of getting anything back."
Feedback/Blogs/Reviews from related topic: Alternative Dispute Resolution
"Membership No 186685
I have been unable to acquire any case law in regards to bankruptcy. I am thge alleged defendant in the matter and have opposed the application for bankruptcy as I am not the defendant. The case is now at the stage of the high court requiring a synopsis under 251a, I wish to make submissions in not being notified of the hearing at the district court after the notice of proceeding was served. The matter then got judgement without my knowledge and is now before the high court for bankruptcy. Please advise the procedure to locate any supportive case law that may assist with my application to set aside the bankrupcy claim.

Kindest Regards
A.Marsh
I "

"You will certainly get a rehearing if you were not notified but, if you simply misread the documents you were originally served with then you could be in trouble. You must actively follow up on your obligation to file and serve a defence and not just wait for the Court to come to you. Good luck . . . Netlaw "
"Likewise . . . very helpful. Thanks. Gerald - May 2007 - Tauranga"
"Received notice from a creditors lawyer that they wish to put in companiy into liquidation and I have up to today upon receiving their letter. A Statory Demand was intially sent on 7 Aril 2008, which I reponded with a reply explaining that an arrangement (verbal) had been entered in by both parties which was to continue supply, once company got post dated cheques, company stopped surpply and but still continued to present cheques which was not the agreement which was entred into.
What position does that leave me if I want to legal challenge this. Without causing me excessive expresses.

Rina

Netlaw responds: If you say that they cannot properly sue because there was a new agreement for time payment, then you can apply for an injunction saying that the Statutory Demand Notice is wrong. But it will cost you. An injunction should not be done without legal advice. Type up a Statement setting out precisiely all the facts as you know them and see a lawyer as soon as possible. A letter shouid be sent to the other side saying how inappropriate the Demand procedure is when the subsequent agreement between the parties was made and kept by you. But you must get your facts right!"

Feedback/Blogs/Reviews from related topic: Alternative Dispute Resolution
"I found all this Company Law stuff really helpful. Not too academic but enough to get a really good grounding in some of the pitfalls. You need to read all the company topics to get a handle on this huge area. Anthony - Christchurch - April 2007"
Feedback/Blogs/Reviews from related topic: Alternative Dispute Resolution
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"It's not fair that when you win a case you still have to beg a judge to award you costs and even then the award is always less than you have to pay your lawyer. This happened to me. My lawyer told me that there's always two sides to a story but the judge didn't recognise any validity in the other side's claim yet the nett result is that I recover only about 60% of my costs to my lawyer and the other 40% is about half of what I won in the case. That isn't justice. A real pissed off Kevin J. - Auckland - June 2007"
"NETLAW replies. Yes, we agree. What you need to do in these cases is make an Application for "Full and Reasonable Costs" and argue that the Court should (it can) make a full award. You need to convince a Judge that the other side never really has a chance of winning and that it is unfair that you should have to pay any costs. That is the way it is in the UK and Australia. But in New Zealand, it is usually only a percentage of the costs that you get back. That is unfair in many many cases. NETLAW - June 2007"
Feedback/Blogs/Reviews from related topic: Alternative Dispute Resolution
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"I got so much from this site. You are right. It is better to "upskill" myself first before paying megabucks to a lawyer just to get an opinion.

I liked access to the case law and the real life submissions. Tim Shadbolt's case was a dag. How much did he get? Bud. Auckland

Thanks a lot . . . Max (Devonport)"

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"Great. See the other topics on Statement of Claim -Some Examples - Graeme - Tauranga"
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