The Law Association of New Zealand

Directors’ Duties During Financial Distress

Practical Guidance for Small Companies

The large majority of New Zealand companies are small, owner-managed businesses, where directors must take difficult decisions quickly when cash flow tightens and the creditors begin to press. This webinar will provide practical guidance on the core duties of directors, with particular focus on the steps to take when a company is in financial distress: obtaining reliable financial information and advice; documenting decisions; managing creditor interest; assessing whether the business can safely continue trading.

It will consider the lessons of recent leading cases and the practical options available before formal insolvency becomes unavoidable.

Details coming soon.

Presenter

Damian Chesterman | Barrister, FortyEight Shortland Barristers


Damian Chesterman

Damian Chesterman is a commercial and civil barrister and arbitrator at FortyEight Shortland Barristers, Auckland. He has practised for more than 30 years and appears as lead counsel in the High Court, Court of Appeal and Supreme Court. Insolvency and directors’ duties are central to his practice. He was lead counsel throughout Robt Jones Holdings Ltd v McCullagh and Lawrence [2019] 1 NZLR 641, a leading judgment of the Supreme Court on voidable transactions.   

Directors’ duties in financial distress are a particular focus. Damian’s peer reviewed article “Potential Reforms for New Zealand’s Corporate Insolvency Regime: Guidance from Australia, the United Kingdom, the United States and the European Union” (2025) 28 NZBLQ 111, examines directors’ personal liability for trading while insolvent, including Mainzeal, and addresses whether a statutory safe harbour for directors should be available in New Zealand. As convenor of the New Zealand Law Society’s Commercial and Business Law Committee, he has reviewed reform proposals for the Companies Act 1993. 

Damian’s qualifications include an LLM (Hons) from the University of Cambridge; an LLB (First Class Honours) from the University of Waikato; a B.Com from the University of Auckland; and FAMINZ (Arb), New Zealand’s highest qualification in arbitration. He is admitted in New Zealand, Australia, England and Wales and New York.  


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Details

Pricing Details

Ticket Price

Member: $160 plus GST
Non-Member: $230 plus GST

 





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Registration

Registration Close Date

11/02/2027
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