) of harbour-front land in downtown Auckland, New Zealand as part of Mainline-Dillingham-Fletcher.
Mainline Contractors Pty Ltd was established from this base and in 1969, became Mainline Corporation of New Zealand, a publicly listed New Zealand company, adopting the name Mainzeal Corporation Ltd in 1975.
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.
Receivership is the business equivalent of that process.
It usually happens when a bank or financier that holds a security (debenture) over the assets of a company, decides that the company isn't able to pay back money owed.
When people say a company has "gone bust", they usually mean it is in receivership, or liquidation, or both.
These are known as the 'phoenix company' provisions.
So it appoints a receiver to take control of the company.
The receiver acts for the bank or financier that appointed them, and does not recover money owed to other creditors.
New Zealand's tax department has applied to put two Taranaki companies into liquidation.
The Inland Revenue Department (IRD) have filed proceedings in the High Court at New Plymouth against Little Crate Limited and Salvus Systems Limited after both companies failed to pay GST, PAYE and other employment related taxes.