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Free printable checklist

Questions to ask any adviser before you sign

Take this into any meeting about liquidation, restructuring or tax debt. Tick each question as it's answered, jot down the answer, and print it for your records.

0 of 10 answered

  1. Insolvent liquidations, administrations and receiverships must be handled by a licensed practitioner.

  2. A liquidator's duties run to creditors, not to the directors who chose them.

  3. Liquidator fees and expenses are paid before other creditors.

  4. Good advice starts with the options that keep the business trading.

  5. Guarantees survive liquidation, and overdrawn current accounts can be pursued.

  6. Liquidators investigate the causes of failure and possible director offences.

  7. Professional standards bar advising an insolvent company to put assets beyond creditors.

  8. For licensed practitioners, NZICA handles complaints, including about overcharging.

  9. Wages for the four months before liquidation are a preferential claim.

  10. A useful test of whether the advice depends on an appointment.

Warning signs to note

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Why these questions matter

Most advisers you'll meet about IRD debt are professional and helpful, and licensed insolvency practitioners do essential work when a business can't continue. But the decision to appoint someone is permanent, and it's made under pressure. These questions make sure you understand who the adviser works for, what it costs, what happens to you personally, and whether the options that keep your business trading have been considered.

Since 1 September 2021, insolvent liquidations, voluntary administrations and receiverships must be handled by a licensed insolvency practitioner. NZICA, the accredited body, licenses practitioners and handles complaints, including about overcharging. The NZ Insolvency Services Standard bans commissions and referral fees and requires members to decline to advise an insolvent company on putting assets beyond creditors.

Before the meeting

  • Download your myIR balance and bring any IRD letters.
  • List personal guarantees and check your shareholder current account.
  • Ask your accountant whether the business is viable without the old debt.
  • Get a funding answer, so you know whether IRD could be paid. Start here.

For the bigger picture, read before you call anyone about tax debt, the warning signs checklist and our guide before you liquidate.

Frequently asked questions

Who should I ask these questions?

Anyone advising you about IRD debt, liquidation, administration, a compromise or a debt negotiation service. Licensed practitioners should be comfortable answering all of them.

Can I print the checklist?

Yes. Use the print button. Your ticks and notes print with it, and nothing is sent to us.

What if the adviser won't answer?

Treat that as information. Get a second opinion from your own accountant or lawyer before you sign anything.

How do I check a practitioner's licence?

Search the insolvency practitioners register on the Companies Office website using the name they give you.

Know your funding answer before the meeting

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