324 Property of company removed from register

(1)

Property that, immediately before the removal of a company from the New Zealand register, had not been distributed or disclaimed, vests in the Crown with effect from the removal of the company from the register.

(2)

For the purposes of this section, property of the former company includes leasehold property and all other rights vested in or held on trust for the former company, but does not include property held by the former company on trust for any other person.

(3)

The Secretary to the Treasury must, forthwith on becoming aware of the vesting of the property, give public notice of the vesting, setting out the name of the former company and particulars of the property.

(3A)

However, subsection (3) does not apply to the extent that the property is rights under a security or charge and the Secretary to the Treasury is satisfied that all amounts and all other obligations secured by the security or charge are paid, performed, or otherwise discharged.

(4)

Where property is vested in the Crown under this section, a person who would have been entitled to receive all or part of the property, or payment from the proceeds of its realisation, if it had been in the hands of the company immediately before the removal of the company from the New Zealand register, or any other person claiming through that person, may apply to the court for an order—

(a)

vesting all or part of the property in that person; or

(b)

for payment to that person by the Crown of compensation of an amount not greater than the value of the property.

(5)

On an application made under subsection (4), the court may—

(a)

decide any question concerning the value of the property, the entitlement of any applicant to the property or to compensation, and the apportionment of the property or compensation among 2 or more applicants; or

(b)

order that the hearing of 2 or more applications be consolidated; or

(c)

order that an application be treated as an application on behalf of all persons, or all members of a class of persons, with an interest in the property; or

(d)

make an ancillary order.

(6)

Compensation ordered to be paid under subsection (4) shall be paid out of a Crown Bank Account without further appropriation than this section.

Section 324(3A): inserted, on 24 October 2019, by section 24 of the Statutes Amendment Act 2019 (2019 No 56).

Section 324(6): amended, on 25 January 2005, pursuant to section 65R(3) of the Public Finance Act 1989 (1989 No 44).