PDA

View Full Version : The Government is in trouble here



R2x1
12-09-2010, 08:19 AM
After reading this (http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10672700) I have considered the Government's habit of budgeting more expenditure than it's income quite carefully for several seconds.
It is apparent that this is the policy of an organisation heading for bankruptcy, consequently I feel duty bound to withhold all payments to the IRD as the receiver will need that money to pay all those worthy creditors. It is a bit hard on the Government, they may well have to cut back on the cheese board in Bellamys.

prefect
12-09-2010, 09:33 AM
Its sick and they wouldnt get one cent of me if they tried.

Miami Steve
13-09-2010, 10:13 AM
What is the point in getting money back from clients (who worked in good faith and were paid for that work) and returning it to a company who were unable to remain solvent in the first place. Is it just so that the liquidators can get their full whack? :confused:

R2x1
13-09-2010, 12:04 PM
You've got it I!

mikebartnz
13-09-2010, 12:12 PM
After reading this (http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10672700) I have considered the Government's habit of budgeting more expenditure than it's income quite carefully for several seconds.
It is apparent that this is the policy of an organisation heading for bankruptcy, consequently I feel duty bound to withhold all payments to the IRD as the receiver will need that money to pay all those worthy creditors. It is a bit hard on the Government, they may well have to cut back on the cheese board in Bellamys.
At least we don't have the Minister of Wine and Taxis sucking on the govt tit any more.
Taking it back two years is just ridiculous and totally unfair. What a bunch of dickheads our law makers are.
Here is a link (http://www.nwm.co.nz/VoidableTransactions.aspx) to a site with a good explanation.

pctek
13-09-2010, 12:34 PM
Yes it's deranged.

So say you are a smallish company.

You receive a large chunk of money form another one, you then pay all your bills and pay and so on.
1 Year later you have to give it to some receiver and haven't got it anymore - so you go broke too.

Could see a bit of a chain reaction happening there..........

Gobe1
13-09-2010, 12:37 PM
"Section 292 allows liquidators to claw back payments made up to two years before a company fails, on the grounds businesses trading with it should have known it was insolvent."

WTF, should be a shoe in to get changed

faith1806
13-09-2010, 02:48 PM
oh,i think it may be a terrible thing

SurferJoe46
13-09-2010, 04:29 PM
No 'Ex-Post Facto' there?