Bankruptcy is a legal process that allows individuals or businesses unable to meet their financial obligations to eliminate or restructure their debts under the protection of a bankruptcy court. It can offer a fresh start by discharging most debts, but it also has significant impacts on credit and asset ownership.
Insolvency refers to the state where an individual or business cannot pay their debts as they come due. It can lead to various legal proceedings aimed at addressing and resolving the financial imbalance, including bankruptcy.
Navigating the complexities of bankruptcy and insolvency can be challenging and stressful. At likohazin, we provide comprehensive support and expert guidance to help you manage and overcome financial difficulties. Our experienced professionals are dedicated to finding the best solutions for your unique situation, ensuring compliance with New Zealand regulations and minimizing the impact on your business and personal assets.
Our team offers expert advice on all aspects of bankruptcy, helping you understand your options and guiding you through the process. We work to protect your interests and provide strategies to manage your financial challenges effectively.
We offer professional voluntary administration services to assist insolvent businesses. Our goal is to help you restructure and stabilize your operations, giving you the opportunity to return to profitability while ensuring the best possible outcome for creditors and stakeholders.
Acting as receivers, we manage and realize the assets of businesses on behalf of secured creditors. Our focus is on maximizing returns and providing clear, transparent communication throughout the process.
We conduct orderly winding up of businesses, whether through creditors’ voluntary liquidation or court-appointed liquidation. Our team handles all aspects of the liquidation process, ensuring compliance with legal requirements and working to achieve the best outcome for all parties involved.
Our team consists of seasoned experts with extensive experience in bankruptcy and insolvency. We understand the nuances of New Zealand’s legal and financial landscape, allowing us to provide informed and effective advice.
Every business situation is unique. We offer customized solutions that are specifically designed to address your individual circumstances and goals, ensuring the most appropriate and effective strategy is implemented.
We maintain the highest standards of confidentiality and integrity in all our dealings. You can trust us to handle your sensitive financial information with the utmost care and discretion.
From initial consultation to the completion of the insolvency process, we are with you every step of the way. Our comprehensive support ensures you have the guidance and assistance you need to navigate this challenging period.
Bankruptcy and insolvency practitioners play a vital role in managing and resolving financial difficulties. They are licensed professionals who are authorized to oversee bankruptcy proceedings, negotiate with creditors, and provide advice on debt management and financial restructuring.
Engaging the services of a professional offers numerous benefits:
We begin with a thorough assessment of your financial situation. This allows us to understand the specific challenges you are facing and to provide tailored advice on the best course of action.
Based on our assessment, we develop a strategic plan that outlines the steps needed to address your financial difficulties. This may include restructuring, asset management, or initiating insolvency proceedings.
Our team will assist you in implementing the strategic plan, ensuring all legal requirements are met and that the process runs smoothly. We provide ongoing support and monitoring to help you stay on track.
Bankruptcy is a legal status involving a court procedure, usually resulting in the discharge of debts. Insolvency is a financial state where you cannot pay your debts, which can lead to various solutions, including bankruptcy.
Bankruptcy will negatively impact your credit score, and it may remain on your credit report for up to 10 years. However, it also provides an opportunity to rebuild your credit over time.
This depends on several factors, including the type of bankruptcy you file and the value of your home equity. We can help you understand your options and potential outcomes regarding your property.
The duration varies depending on the type of bankruptcy. Chapter 7 typically takes a few months, while Chapter 13 can take three to five years. We will guide you through the timeline based on your situation.