329 Court may restore company to New Zealand register

(1)

The court may, on the application of a person referred to in subsection (2), order that a company that has been removed from the New Zealand register be restored to the register if it is satisfied that,—

(a)

at the time the company was removed from the register,—

(i)

the company was carrying on business or a proper reason existed for the company to continue in existence; or

(ii)

the company was a party to legal proceedings; or

(iii)

the company was in receivership, or liquidation, or both; or

(iv)

the applicant was a creditor, or a shareholder, or a person who had an undischarged claim against the company; or

(v)

the applicant believed that a right of action existed, or intended to pursue a right of action, on behalf of the company under Part 9; or

(b)

for any other reason it is just and equitable to restore the company to the New Zealand register.

(1A)

In considering whether to restore a company to the register on the ground referred to in subsection (1)(a)(i) or (b), the court must have regard to the reasons for the company’s removal and whether those grounds existed at the time of removal or exist at the time of the hearing of the application.

(2)

The following persons may make an application under subsection (1):

(a)

any person who, at the time the company was removed from the New Zealand register,—

(i)

was a shareholder or director of the company; or

(ii)

was a creditor of the company; or

(iii)

was a party to any legal proceedings against the company; or

(iv)

had an undischarged claim against the company; or

(v)

was the liquidator, or a receiver of the property of, the company:

(b)

the Registrar:

(c)

with the leave of the court, any other person.

(3)

Before the court makes an order restoring a company to the New Zealand register under this section, it may require any provisions of this Act or any regulations made under this Act, being provisions with which the company had failed to comply before it was removed from the register, to be complied with.

(4)

The court may give such directions or make such orders as may be necessary or desirable for the purpose of placing the company and any other persons as nearly as possible in the same position as if the company had not been removed from the New Zealand register.

Section 329(1)(a)(i): amended, on 1 May 2015, by section 44(1)(a) of the Companies Amendment Act 2014 (2014 No 46).

Section 329(1)(a)(i): amended, on 1 May 2015, by section 44(1)(b) of the Companies Amendment Act 2014 (2014 No 46).

Section 329(1A): inserted, on 1 May 2015, by section 44(2) of the Companies Amendment Act 2014 (2014 No 46).