Michael Langdon

Advising on some of New Zealand’s most high profile and complex restructuring and insolvency matters. This includes Dick Smith’s voluntary administration and receivership (a cross-border insolvency transaction and New Zealand’s largest voluntary administration impacting on a diverse group of stakeholders), the Mainzeal Richina Group insolvency (a complex group liquidation involving 14 companies), the Crafer Farms receivership (involving New Zealand’s largest privately owned dairy farming operation and attracting substantial media attention), and the Hilton Queenstown development receivership (Kawarau Falls was a $1 billion, six hotel development in Queenstown and was one of largest property developments in New Zealand that ended up in receivership).

Advising JUCY Group and Calibre as receivers on JUCY Group’s post-Covid restructure, resulting in the pre-pack receivership sale of the business and assets of JUCY Group to Polar Capital – the most significant tourism business restructured as a result of the COVID-19 pandemic.

Acting for the administrators of the Kurow-Duntroon Irrigation Company Limited (Administrators Appointed and In Receivership). The company had 70 shareholders party to the Scheme who were landowners located in the Kurow-Duntroon area. The Scheme upgraded its infrastructure and through that process a dispute occurred leading to an award, by way of adjudication, being made against the Company which resulted in the directors appointing administrators and inviting the major secured creditor to appoint receivers. Michael advised the administrators on all aspects of the voluntary administration including the creditors meeting, the watershed meeting, the proposed DOCA and the administrators’ report.

Acting for the receivers, BDO, on the receivership of Warkworth Holdings Limited (in receivership and liquidation). The main asset was a large plot of undeveloped residential land that was ultimately sold for $53 million. The matter was contentious with the mezzanine lender, shareholders and interested third parties threatening legal action against the receivers on their appointment and on the conduct of the receivership. Our advice helped the receivers sell the secured assets above market value and their appointers’ expectations. As a result, all secured and preferential creditors were paid in full, and no formal action was filed against the receivers.

Acting for all major New Zealand banks with specialist property finance teams.

Acting for a large multinational development group on funding and investing in various developments in New Zealand.