Liquidator clawbacks to be slashed for third-party suppliers

Tue, 05 Nov 2019

Liquidators' clawback powers will be slashed from two years to six months for payments made to third-party suppliers of failed companies under insolvency law reforms announced by Commerce Minister Kris Faafoi.At present, any supplier of goods or services to a company that turns out to have been trading while insolvent can be forced by a liquidator to refund payments made up to two years prior to the insolvent company's failure. "This is too long a period for any creditor to be uncertain about whether an amount they received in good faith w...

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