Urgent bill validates speeding tickets

[HenryDorsetCase]

... aye, as ellipsis pointed out it's likely the start of something rather unsavoury. The best one I heard recently is the bankruptcy/insolvency "claw-back" nonsense:

"When the debtor is a company that has gone into liquidation, the Companies Act enables the
liquidator to recover any voidable payments that occurred within two years prior to liquidation. "... cute eh.

Uh, as it happens I know a bit about this: why is it a problem in your world?

Becuase it is (most often) used by a liquidator to claw back from a scumbag director money they have pillaged from a company before it goes tits up. I would have thought you would be all for that?

Granted there have been instances of (auckland) liquidators who have used the clawback provisions to recover (for example) funds paid to genuine third party creditors in the ordinary course of business. That is agin the intention of the section, but I gather there is to now be a lor change which explicitly states that in those circumstances the clawback cannot apply.

If the liquidators of say Bridgecorp or Hanover had one single ball between them they would have gone medieval on the directors and their family trusts to recover funds paid out in the heady days before they crashed. But nup.

[mashman]

Uh, as it happens I know a bit about this: why is it a problem in your world?

Becuase it is (most often) used by a liquidator to claw back from a scumbag director money they have pillaged from a company before it goes tits up. I would have thought you would be all for that?

Granted there have been instances of (auckland) liquidators who have used the clawback provisions to recover (for example) funds paid to genuine third party creditors in the ordinary course of business. That is agin the intention of the section, but I gather there is to now be a lor change which explicitly states that in those circumstances the clawback cannot apply.

If the liquidators of say Bridgecorp or Hanover had one single ball between them they would have gone medieval on the directors and their family trusts to recover funds paid out in the heady days before they crashed. But nup.

I was privvy to a meeting where it was once discussed as just another thing to be aware of as a tradey. Cool that they're considering a change and I'll pass that news on next time I see any of 'em.

lol@up for gittin them thar pesky pillagers.

Yeah, but the directors of them places earned those salaries

[R650R]

Where were all the freakin lawyers during all this. If I'd contested a ticket during that period I'd want a refund of my legal fees for the lawyer failing to pick up on it.

As for the govt, retrospective legislation to cover their arse, nothing new.

[HenryDorsetCase]

I was privvy to a meeting where it was once discussed as just another thing to be aware of as a tradey. Cool that they're considering a change and I'll pass that news on next time I see any of 'em.

lol@up for gittin them thar pesky pillagers.

Yeah, but the directors of them places earned those salaries

one of the fun things is that if you pay back a bank and request a release of say a personal guarantee, the letter from the bank always says something along the lines of "your guarantee is released, but we will hold on to it for two years in case there is a clawback"..... this is after you have paid them back mind you.

I'll see if I can find the stuff about OCB because you may find it interesting....

[mashman]

one of the fun things is that if you pay back a bank and request a release of say a personal guarantee, the letter from the bank always says something along the lines of "your guarantee is released, but we will hold on to it for two years in case there is a clawback"..... this is after you have paid them back mind you.

I'll see if I can find the stuff about OCB because you may find it interesting....

Ha. Would appreciate the information to pass on, as it all sounded a bit silly to me and wanting to look into it further is pointless given the changes to come . But yeah, to pass on would be great ta.

[swbarnett]

As for the govt, retrospective legislation to cover their arse, nothing new.

Exactly. Yet another example of how NZ is definitely not free of corruption

Retrospective application of legislation is simply inexcusable.

[ellipsis]

...I have more than one pointy stick if anyone wants one...

[Grumph]

one of the fun things is that if you pay back a bank and request a release of say a personal guarantee, the letter from the bank always says something along the lines of "your guarantee is released, but we will hold on to it for two years in case there is a clawback"..... this is after you have paid them back mind you.

Struck this post quakes. EQC went first to the bank with whom we had done the mortgage. Long since paid off and as they admitted to us, no longer had any interest in the property. Nevertheless EQC insisted on having them as the person of record due to the bank not having cancelled the mortgage instrument...

Got that sorted toot sweet. But we'd never have known until we tried to sell. Bastards....

Neil, put me down for a pointy stick, I'll provide the matches.

[Oscar]

Struck this post quakes. EQC went first to the bank with whom we had done the mortgage. Long since paid off and as they admitted to us, no longer had any interest in the property. Nevertheless EQC insisted on having them as the person of record due to the bank not having cancelled the mortgage instrument...

Got that sorted toot sweet. But we'd never have known until we tried to sell. Bastards....

Neil, put me down for a pointy stick, I'll provide the matches.

Um - it was your house, it was up to you to clear the mortgage.

[Grumph]

Um - it was your house, it was up to you to clear the mortgage.

Beg to differ here...bank registered the mortgage, not our lawyer...We were told in the end that the fees paid should also have covered the banks lawyer clearing once it was finished. AFAIK it is cleared now - at no cost to us.