We Help Businesses in Financial Difficulty
Commercially Driven Insolvency and Restructuring Specialists
Strategy-first recovery focused on preserving value and maximising creditor returns.
- 100+ Formal Appointments Annually
- $10M+ Returned to Creditors Each Year
- Five Licensed Insolvency Practitioners
Who We Work With
What Best Describes Your Situation?
We work with directors, creditors and advisors. Tell us where you are and we will show you the right path forward.
Director
My Business is Under Financial Pressure
Cashflow strain, creditor demands and uncertainty around personal exposure require calm, commercially sound decision-making. Early intervention creates options.
Creditor
I Need to Recover Money Owed to Me
If you are a secured lender or creditor and recovery is at risk, we can act to protect your position and maximise your return through structured, disciplined recovery.
Accountant / Advisor
I'm Referring a Client in Difficulty
We work closely with accountants and advisors to bring clarity to complex situations. Our process is transparent, communication is direct, and outcomes are measurable.
Our key services
Clear Pathways Through Financial Pressure
Clear, expert guidance on insolvency options and business restructuring — helping you make informed decisions at every stage.
Insolvency Options
When a company is under financial pressure, or struggling to meet its obligations, insolvency appointments may become necessary. There are a number of formal options available. The appropriate path depends on the company’s financial position, the level of creditor pressure, and whether value can still be preserved.
Formal insolvency options include:
- Voluntary Administration
- Receivership
- Liquidation
At McDonald Vague, we assess the position first, then determine the most commercially effective course of action.
Business Turnaround and Restructuring
Discovering that your business — or one you represent — is under financial pressure can be confronting. Cashflow strain, creditor demands and uncertainty around personal exposure require calm, commercially sound decision-making.
Our firm specialises in restructuring and stabilising distressed businesses. Early intervention creates options, which may include:
- Informal restructuring arrangements
- Creditor negotiations and stabilisation strategies
- Business turnaround planning
- Formal processes such as voluntary administration
These may include informal restructuring arrangements through to formal processes such as voluntary administration where appropriate.
RESULTS
Performance Matters
Each year, McDonald Vague recovers and returns many millions to creditors.
We manage 100+ formal insolvency appointments annually, applying commercial judgement and disciplined cost control to maximise recoveries. Our difference lies in how we manage recovery. Where others may move directly to closure, we assess whether controlled trading, staged asset realisation or structured execution will produce a stronger financial return.
Learn more about our approach that enables us to achieve such high returns.
Returned to creditors each year
Formal appointments annually
Licensed insolvency practitioners
Firm national network
WHO WE ARE
McDonald Vague Licensed Insolvency Practitioners
McDonald Vague is a specialist insolvency and recovery practice focused on delivering stronger financial outcomes through disciplined, commercially grounded decision-making.
We exist to maximise creditor returns — not simply administer closures.
Our difference lies in our approach. We:
- Assess holistically before formal appointment
- Apply commercial judgement to preserve value wherever possible
- Actively manage recovery with and carefully control costs
- Deliver measured, transparent recovery outcomes
With five licensed insolvency practitioners working collaboratively, we bring depth of experience and collective oversight to every engagement. Each year, we manage more than 100 formal appointments and return over several million to creditors. Those outcomes are driven by strategy, disciplined cost control, and senior-led execution. We are properly resourced – not a one-person practice forced into the easiest outcome. Through our 28-firm national network, we combine nationwide capability with local accessibility – without big-firm overhead.
Servicing New Zealand wide – English & Mandarin
We provide national coverage with on-the-ground support across New Zealand. Our team works in both English and Mandarin, ensuring clear communication for directors, creditors and stakeholders.
National strength. Local delivery. Reduced overhead.
Why Choose Us
Why Choose McDonald Vague
Preserving value. Maximising returns.
Disciplined administration that protects creditor returns.
- 100+ formal appointments annually
- $10M+ returned to creditors each year
- Five licensed insolvency practitioners
- 28-firm national network along with a global network.
- Chartered Accountants
- Strategy-first approach
- Disciplined fee management
Learn more about our approach and how we preserve value and maximise returns.
Frequently Asked Questions
The directors have started up in business again doing exactly the same thing. Can they do this?
There is nothing preventing the directors from forming a new business. However, if the new company has the same or a similar name, or trading name, as that of the liquidated company, the directors can be held personally liable for the debts of the new company, unless they obtain the leave of the court. They can also face a substantial fine or even imprisonment. These are known as the ‘phoenix company’ provisions.
The main exception is where the new company buys the old company’s assets from its receiver or liquidator. In this situation the directors must write to all creditors of the old company advising them of the new company’s formation.
Also, where directors are consistently involved with failed companies, they can be barred from acting as directors in future, on application to the Ministry of Business, Innovation and Employment or the Court.
Is it legal for the directors to buy back company assets?
There is nothing preventing the directors from forming a new business. However, if the new company has the same or a similar name, or trading name, as that of the liquidated company, the directors can be held personally liable for the debts of the new company, unless they obtain the leave of the court. They can also face a substantial fine or even imprisonment. These are known as the ‘phoenix company’ provisions.
The main exception is where the new company buys the old company’s assets from its receiver or liquidator. In this situation the directors must write to all creditors of the old company advising them of the new company’s formation.
Also, where directors are consistently involved with failed companies, they can be barred from acting as directors in future, on application to the Ministry of Business, Innovation and Employment or the Court.
Can I become a shadow director?
There is nothing preventing the directors from forming a new business. However, if the new company has the same or a similar name, or trading name, as that of the liquidated company, the directors can be held personally liable for the debts of the new company, unless they obtain the leave of the court. They can also face a substantial fine or even imprisonment. These are known as the ‘phoenix company’ provisions.
The main exception is where the new company buys the old company’s assets from its receiver or liquidator. In this situation the directors must write to all creditors of the old company advising them of the new company’s formation.
Also, where directors are consistently involved with failed companies, they can be barred from acting as directors in future, on application to the Ministry of Business, Innovation and Employment or the Court.
What are the warning signs that my client is facing problems?
There is nothing preventing the directors from forming a new business. However, if the new company has the same or a similar name, or trading name, as that of the liquidated company, the directors can be held personally liable for the debts of the new company, unless they obtain the leave of the court. They can also face a substantial fine or even imprisonment. These are known as the ‘phoenix company’ provisions.
The main exception is where the new company buys the old company’s assets from its receiver or liquidator. In this situation the directors must write to all creditors of the old company advising them of the new company’s formation.
Also, where directors are consistently involved with failed companies, they can be barred from acting as directors in future, on application to the Ministry of Business, Innovation and Employment or the Court.
When should I be seeking insolvency advice for my client?
There is nothing preventing the directors from forming a new business. However, if the new company has the same or a similar name, or trading name, as that of the liquidated company, the directors can be held personally liable for the debts of the new company, unless they obtain the leave of the court. They can also face a substantial fine or even imprisonment. These are known as the ‘phoenix company’ provisions.
The main exception is where the new company buys the old company’s assets from its receiver or liquidator. In this situation the directors must write to all creditors of the old company advising them of the new company’s formation.
Also, where directors are consistently involved with failed companies, they can be barred from acting as directors in future, on application to the Ministry of Business, Innovation and Employment or the Court.
Is it legal for the directors to buy back company assets?
There is nothing preventing the directors from forming a new business. However, if the new company has the same or a similar name, or trading name, as that of the liquidated company, the directors can be held personally liable for the debts of the new company, unless they obtain the leave of the court. They can also face a substantial fine or even imprisonment. These are known as the ‘phoenix company’ provisions.
The main exception is where the new company buys the old company’s assets from its receiver or liquidator. In this situation the directors must write to all creditors of the old company advising them of the new company’s formation.
Also, where directors are consistently involved with failed companies, they can be barred from acting as directors in future, on application to the Ministry of Business, Innovation and Employment or the Court.