Early action and practical advice can stabilise your business, protect value, and create a clear path towards recovery or restructuring.
Business Advisory, Turnaround & Restructuring
Discovering that your business, or one you represent, is in financial trouble can be stressful. However, it’s important to remember that there are options available. With the right approach, it may be possible to turn the business around, trade out of loss, or restructure for sale.
The key is seeking advice early from experienced professionals who have dealt with these situations before and can guide you towards the most appropriate outcome.
McDonald Vague is a specialist turnaround and business recovery firm with over 20 years’ experience supporting New Zealand businesses through financial pressure. We deliver practical, commercially grounded solutions to stabilise, manage and, where possible, reverse the impact of financial difficulty.
With a strong understanding of both the legal and commercial landscape, we work closely with you to navigate complexity and determine the most effective path to the best possible outcome.
What is business turnaround?
Business turnaround is all about taking a proactive approach – recognising the symptoms of a financially unhealthy company and taking the appropriate steps in response.
It involves recognising early warning signs and taking practical steps to stabilise the business and improve its position.
Is your business profitable? Are you achieving your key goals and objectives? How sustainable are your current structure and operations? If any of these questions are setting off alarm bells, the chances are pretty high that a company is in financial distress. If this is the case, then business turnaround should be your first priority. The longer you wait, the harder it will be to reverse the damage, and the greater the likelihood of insolvency occurring
At McDonald Vague, we focus exclusively on business recovery, business turnaround and insolvency services. There are several different services that our team can provide.
Business Advisory, Turnaround & Restructuring
Our business turnaround services
Forensic / Independent Accounting Reviews
Our forensic accounting reviews find anomalies in a business and compile discrepancies in your accounts.
McDonald Vague’s team of investigators have the ability to identify insolvent set-offs, uninvoiced transactions and fraud with discretion and confidentiality.
Creditor Compromises
The Companies Act 1993 allows for a structured arrangement that allows a business to reach agreement with its creditors to settle debts on agreed terms; this may be over a longer time frame or for a lesser amount.
This can provide immediate relief from creditor pressure while preserving the underlying business.
We assist with assessing viability, negotiating with creditors, and preparing the proposal to maximise the likelihood of acceptance and a sustainable outcome.
Part 5 Proposals
Under Part 5 of the Insolvency Act 2006, a formal proposal can be put to creditors as an alternative to bankruptcy.
This process enables an individual to restructure their obligations while continuing to trade.
We advise on the suitability of a Part 5 Proposal, prepare the required documentation, and manage the process through to creditor voting, court filing and implementation.
Financial Supervisors
Where a formal arrangement or proposal is in place, an independent financial supervisor may be required to oversee compliance and protect creditor interests.
Our team is experienced in acting as financial supervisors, ensuring transparency, accountability, and adherence to agreed terms throughout the life of the arrangement.
Hivedowns
A hivedown involves transferring the viable parts of a business into a new entity for value, allowing operations to continue free from historical liabilities.
This can preserve value, protect jobs, and maintain relationships with key stakeholders. We advise on structuring and implementing hivedowns, ensuring legal and commercial risks of phoenixing are managed appropriately.
Expert Evidence
In disputes, insolvency matters, or litigation, clear and credible financial evidence is critical.
Our team provides independent expert reports and testimony on matters such as solvency, valuations, financial performance, relationship property matters and transaction analysis. We deliver objective, well-supported opinions that stand up to scrutiny in court or mediation.
Financial Due Diligence
Before signing an unconditional contract, our team will conduct a comprehensive check that includes general company data, environmental matters and litigation history.
PPSR Advice
The Personal Property Securities Register (PPSR) is a crucial tool for business owners looking to minimise their financial risk. Registering on the PPSR gives owners a much higher chance of recovering debts and provides a defence against insolvent transactions claims.
McDonald Vague can assist with registering for the PPSR, ensuring the process is completed as quickly as possible to minimise business risk.
Terms of Trade
In the event of insolvency, the clauses in a business’s terms of trade take on critical importance. If these don’t provide security over your goods, the insolvency process can become far more costly.
Our team works closely with lawyers to ensure that your terms of trade provide priority over other creditors in the event of liquidation or receivership.
Defending Voidable Transactions
Sometimes referred to as insolvent transactions, these are situations where a liquidator reclaims a payment made by a company prior to insolvency.
These claims are becoming more and more common, and our team are increasingly seeing voidable transaction challenges from liquidators. McDonald Vague can assist by providing a potential defence strategy, or by negotiating on your behalf during settlement.
McDonald Vague is a member of, and is regulated by, Chartered Accountants Australia & New Zealand.
We are also a member firm of NZCA, and have offices throughout New Zealand, so are always nearby no matter your location. Situations of financial distress are always challenging, and come with a lot of emotional complexity as well as practical and legal issues.
A clear head is essential, and with our team having seen it all before, we can provide a solution that ensures the best possible outcomes for business owners, members of staff and creditors.
For more information, get in touch with us today.
Who we work with
We work with directors, creditors and advisors to bring clarity to complex situations. This includes assessing viability, identifying risks, and determining whether the business can recover, be restructured, or be positioned for sale.
Where appropriate, we provide guidance on preparatory steps that reduce exposure and improve future outcomes.
Timing matters
The earlier the position is assessed, the more options remain available. Delayed action reduces flexibility, increases cost, and limits the ability to preserve value.
Our approach is disciplined and commercially grounded. We do not default to process. We assess the position, identify the options, and determine the most effective path forward.
Assess Your Business
Why Choose Us
100+ formal appointments annually
$10M+ returned to creditors each year
Our commercially focused approach is designed to maximise recoveries and protect creditor interests.
Five licensed insolvency practitioners
Every appointment is led by experienced, licensed professionals with deep insolvency expertise.
28-firm national network and global reach
Local support across New Zealand, backed by national coverage and international connections.
Strategy-first approach
We assess every situation carefully to identify the most effective commercial path forward.
Disciplined fee management
Efficient processes and careful cost management help preserve value throughout every engagement.