Insolvency
David Friar is an Auckland barrister specialising in insolvency and restructuring disputes, including receiverships, liquidations, voluntary administrations and creditors’ claims.
Expertise
David acts for and against insolvency practitioners, secured creditors (such as banks and other lenders), unsecured creditors, and debtors. He also acts for and against directors and guarantors.
David’s experience includes acting for:
- The receivers of Villa Maria’s holding company
- The voluntary administrators of CBL Corporation
- The receivers of Ruapehu Alpine Lifts
- A creditor of Shundi Customs (in receivership), owner of the Seascape building
- The liquidators of House Movers Ltd
- A secured creditor of Cedenco (in liquidation)
- The foreign representative of UCI, a US company in Chapter 11 bankruptcy
In addition, David has significant expertise in enforcement action, including statutory demands, guarantee claims, mortgagee sales, charging orders, caveats and other actions. He has co-authored and co-presented a NZLS CLE on Creditors’ Remedies, and he has presented a Legal Research Foundation seminar on Enforcement Remedies.
What clients say
David Friar has “deep knowledge” of insolvency law
David “focuses on complex commercial disputes … and corporate and insolvency disputes”
David “is knowledgeable, a strong communicator and extremely commercially aware”
“David Friar is able to give robust and firm opinions on uncertain areas of law, is a safe pair of hands for trial work due to his extensive trial experience, and is great to work with”
Examples of receivership cases
Villa Maria
Acted for the receivers of FFWL, the parent company of Villa Maria, advising on all aspects of the receivership. Junior counsel to Adam Ross KC, and senior counsel on interlocutory matters, in High Court proceedings defending alleged breach of duty in selling Villa Maria, including alleged failure to obtain the best price, alleged frustration of the right to redeem a mortgage, the receivers’ obligations to provide information to a director, and the receivers’ right to retain funds to defend the proceedings
High Court Auckland · [2022] 3 NZLR 366 · [2025] NZHC 1427
Ruapehu Alpine Lifts
Senior counsel for the receivers of Ruapehu Alpine Lifts on an urgent application to the High Court for directions in a priority dispute between the liquidation committee’s costs and the secured creditor’s costs under a general security agreement
High Court Auckland · [2024] NZHC 351
Ormiston Rise
Acted for the receivers of Ormiston Rise. Junior counsel to Stephen Hunter KC in High Court proceedings concerning the proper amount of the secured debt and an alleged breach of duty in the sale of the company’s assets, and senior counsel in related proceedings concerning a statutory demand
High Court Auckland · [2022] NZHC 2113 · [2022] NZHC 3148 · [2022] NZHC 881
Bridgecorp
Acted for the receivers of Bridgecorp. Junior counsel in High Court proceedings against three former Bridgecorp directors for breach of duty, and in Supreme Court proceedings on whether a charge under section 9 of the Law Reform Act 1936 gave the receivers priority over the directors’ defence costs under a D&O policy
High Court Auckland and Supreme Court · [2013] NZSC 156 · [2014] 1 NZLR 204
Examples of liquidation cases
Bristol Custodians
Senior counsel for the plaintiffs in High Court proceedings alleging that a liquidator had failed to act impartially and for a proper purpose, and seeking his removal
High Court Auckland · [2014] NZHC 235
House Movers
Senior counsel for the liquidators of House Movers, including in relation to a claim brought by a director against the liquidators for breach of duty
Ruapehu Alpine Lifts
Senior counsel for the directors of Ruapehu Alpine Lifts in a High Court proceeding seeking the appointment of a liquidator following a watershed meeting
High Court Auckland
Cedenco
Junior counsel for ANZ opposing applications by the liquidators of Cedenco to compel production of documents and the examination of a bank officer, and more broadly on the powers and duties of a liquidator
High Court Auckland · [2012] NZHC 3037 · [2013] 1 NZLR 674 · [2013] NZHC 888 · (2013) 21 PRNZ 580
Examples of voluntary administration cases
CBL Corporation
Acted for the administrators of CBL Corporation, advising on all aspects of the administration. Junior counsel to Bruce Stewart QC opposing a declaration sought by the FMA that administrators of a listed company must comply with continuous disclosure obligations in the NZX Listing Rules
High Court Auckland · [2018] NZHC 2052
Kitchen Things
Acted for a creditor of Kitchen Things (in receivership and in administration) in a priority dispute in relation to secured and unsecured creditors, including in relation to a carrier’s lien
Examples of other insolvency cases
Whittman v UCI Holdings
Senior counsel for the foreign representative of UCI seeking orders recognising a US Chapter 11 bankruptcy as a foreign proceeding in New Zealand
High Court Auckland · [2016] NZHC 1228 · [2016] NZHC 1754
Publications
- High Court dismisses receivers’ attempt to control litigation after liquidation () Legal update
- BusinessDesk, “Battle over Du Val begins, with other secured lenders likely to act”, on the FMA’s appointment of receivers ()
- Court of Appeal confirms a liquidator’s examination powers can reach overseas parties () Legal update
- Court of Appeal rules on equitable liens in Francis v Gross () Legal update
- “The Mainzeal Decision: What Does It Mean For Directors?”, Chartered Accountants Australia & New Zealand seminar ()
- “Who Knows? Rights to Information in an Insolvency”, with Fitzgerald, RITANZ Annual Conference ()
- “Directors’ Duties Following the UK Supreme Court’s Decision in Sequana”, RITANZ seminar ()
- “Enforcement Remedies”, Legal Research Foundation Brown Bag Lunch Seminar ()
- Newsroom, “Personal millions at stake as Mainzeal directors win and lose”, with Fitzgerald ()
- “Supreme Court finds director personally liable for company debts”, on Debut Homes, with Leslie, Newsroom ()
- “Advising Company Directors: The Implications of the Supreme Court’s Decision in Debut Homes”, with Fitzgerald, ADLS CLE seminar ()
- Newsroom, “Mainzeal judgment brings lessons in corporate governance” ()
- “Directors’ Duties” chapter, Morison’s Company Law ( to ). Cited by the Supreme Court in Madsen-Ries v Cooper (Debut Homes) [2020] NZSC 100
- “The Channel 10 Decision and Implications for Voluntary Administrators”, RITANZ seminar ()
- “Super-priority for the CIR?”, on CIR v Jennings [2013] NZCA 455, New Zealand Law Journal ()
- “Creditors’ Remedies”, with Pinny, NZLS CLE seminar ()
- “The Lombard Finance decision: more important lessons for directors”, New Zealand Lawyer ()
- “Directors’ Duties in Light of the Failed Finance Companies”, Annual Corporate Insolvency Conference ()
- “What a difference a day makes”, on Ingram v Patcroft [2011] NZSC 49, New Zealand Lawyer ()