Knowledge Base
Liquidation Knowledge Centre
Your trusted source for clear, practical information on liquidation. Learn the steps, options, and strategies to navigate financial challenges with confidence.
The Effect on a Company During Liquidation in NZ
When your company goes into liquidation in NZ, the director, employees and creditors will be affected differently. As a liquidator, our role is to impartially find the best overall outcome that benefits everyone involved, including shareholders and creditors. With experience helping a range of companies carry out the liquidation process, we know how to follow the law and consider the views of everyone affected.
We pride ourselves on our commitment to provide a professional and speedy service at all times, whilst maintaining the highest quality of work.
We take on all types of jobs from small domestic work to larger commercial projects, all carried out to the highest standards, and at very competitive prices
We pride ourselves on our commitment to provide a professional and speedy service at all times, whilst maintaining the highest quality of work.
We take on all types of jobs from small domestic work to larger commercial projects, all carried out to the highest standards, and at very competitive prices
What You Can Expect from Don’t Be Limited
We offer a professional and friendly service for companies requiring liquidation.
- There is no signup fee: Our services do not require a start-up fee as we believe that people are first and foremost the most significant concern during liquidation. We take an empathetic and understanding approach to your company’s liquidation and ensure to make the process is as stress-free as possible.
- We seek the best outcome for everyone: As a liquidator, we remain independent during the entire process and ensure to seek the best results for all parties involved, including creditors and shareholders. We provide solutions that work for your business.
- We have extensive experience: We have worked with various business owners and legally helped them through the liquidation process. Our services currently cover Auckland, Waikato and the Bay of Plenty area. However, we can work anywhere in NZ if required.
Liquidation will affect people differently, such as:
- Directors. A director is required to fill out a Statement of Affairs form which declares the company’s history and trade, shareholder information, why the company failed, a list of assets and liability and whether there are any legal claims made by or against the company. The director is also responsible for helping the liquidator answer any questions or locate records.
- Employees. The liquidator will determine if the business remains open and trading during the liquidation process in which case an employee may continue working. Should the company close, employment is terminated, and an employee can claim in the liquidation if they are owed salary, wages, holiday pay or redundancy.
- Creditors. Secured creditors can deal with the company’s secured assets and decide to appoint a receiver. However, unsecured creditors can’t take legal action against a company in liquidation or handle its property without permission from the Court or liquidator.
Why Trust Don’t Be Limited?
We are an independent and experienced liquidator that values honesty, integrity and take a friendly, yet professional approach with our clients. We provide insightful knowledge and help small business owners who require liquidation while making the process smooth and worry-free. Our empathy for a client’s situation means that we will present and consider all possible options available and work towards achieving the ideal outcome for you. We have liquidated numerous companies in NZ and have previous experience working at Inland Revenue and as a business owner. Contact us today for help with your company liquidation in NZ.
Don’t Be Limited as Your Liquidator
Appointing Don’t Be Limited and David Thomas as your private liquidator will bring numerous benefits, including:
- A down-to-earth presence in the room: Many businesses assume liquidators are similar to lawyers: detached, uncompassionate and tending to speak with heavy legalise and formality. David is a straight-talking, down-to-earth professional who will provide the honest, candid and easy-to-understand advice that clients need.
- A tendency for outside-the-box thinking: Every liquidation case is different. Some businesses pursue liquidation only to find they have other options for turning things around. Others learn they can (and should) continue to operate as trading businesses even as liquidation proceedings move forward. David’s outside-the-box thinking gives him an unusual ability to see all the possibilities—even where others may assume none exist.
- An affordable start: Unlike some liquidators, we don’t require any upfront or ‘starting’ fee. We focus more on our clients than the money because we know that pricey upfront charges can discourage distressed businesses from pursuing help at all.
The Importance of a Private Liquidator
Don’t Be Limited is the business name for David Thomas, a private liquidator serving businesses, shareholders and creditors in Auckland, Waikato, Bay of Plenty and throughout New Zealand. He brings experience and objectivity to situations where liquidation is either necessary or a compelling option. From there, he serves numerous vital functions, including:
A surveyor of the situation
Sometimes, when you are the owner and operator of a business, you are too close to see things objectively—even things as cut-and-dried as debt, credit and cash flow. David can help you survey your financial situation with an impartial eye and judge things accordingly.
A strong guiding hand
If voluntary liquidation proves to be the right option for your business, David will work closely with you, your shareholders and your creditors to strategise a liquidation plan that is acceptable to all parties.
A fresh start
Especially if you are closing down a business that you started with your blood, sweat and tears, it can be truly heartbreaking to close that chapter. However, liquidation is also an opportunity to free yourself of the personal stress and financial distress of your business and to start a brand new chapter without those encumbrances. Working with a liquidator provides that opportunity.
The Importance of Company Liquidation Services
Even when a company finds itself in dire financial straits and liquidation becomes a probability, many directors live in denial, refusing to see the writing on the wall. Often, this approach only makes the situation worse for them, their company, and their employees. When you continue to operate in the hole, it can not only put your business at risk but also pose a danger to your personal assets. Here are a few essential facts about the liquidation of companies.
- Liquidation is a legal process with strict deadlines that you must follow, including the 10-day rule attached to any document that is served to you. Contact us as soon as possible if you are under such deadlines so that we can begin helping.
- The decisions that you make during liquidation have a significant effect on the people involved with the company. One of the ways that we are different than your average liquidator: we understand that the balance books do not tell the full story.
- Nobody wants to admit that their company is failing, but there are benefits to the company and directors moving into voluntary liquidation instead of compulsory liquidation. We do not charge a starting fee. The sooner you come to us, the easier the liquidation process will be.
Tips Regarding the Voluntary Liquidation of a Company
Keep your options open
There’s a reason we named our business ‘Don’t Be Limited.’ We think it doubles as arguably the most important advice to keep in mind if your business is in a tough spot, which is to keep all your options open. Too often, the voluntary closing of a company is seen as an act of giving up. Business owners usually see more romance in sticking things out to the bitter end. Just keep all your options open, at least until you’ve heard some third-party opinions.
Assess your bills
Is your company a month or two behind on payments to all its creditors? Is the amount you owe close to or greater than the profit from an average year of trading? These questions typically provide a good gauge of the overall health of your company. If you answer yes in either case, it may be time to start looking at liquidation as an option to pay off those debts.
Sit down with a professional
Sitting down with an independent liquidator can help you view the situation from a new perspective and determine the best path forward for all involved parties. At Don’t Be Limited, we are happy to play that role for you and your business.
Why Customers Should Use Don’t Be Limited
Our brand name implies that we want you to have every option on the table when you decide the future of your business. We genuinely believe in that philosophy and will work hard to help you see and explore possibilities that you may not have realised were there. If your business is in trouble and you are considering liquidation as a possible way out, start by sitting down with David Thomas today. To schedule an appointment with our private liquidator, get in touch.