New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) In sections 386A to 386F,—
director of a failed company means a person who was a director of a failed company at any time in the period of 12 months before the commencement of its liquidation, and director of the failed company has a corresponding meaning
failed company means a company that was placed in liquidation at a time when it was unable to pay its due debts
phoenix company means, in relation to a failed company, a company that, at any time before, or within 5 years after, the commencement of the liquidation of the failed company, is known by a name that is also—
(a) a pre-liquidation name of the failed company; or
(b) a similar name
pre-liquidation name means any name (including any trading name) of a failed company in the 12 months before the commencement of that company's liquidation
similar name means a name that is so similar to a pre-liquidation name of a failed company as to suggest an association with that company.
(2) For the purposes of sections 386A to 386F, a company is known by a name if that name is its registered name or if it carries on business, or carries on a part of its business, under that name.
Compare: Insolvency Act 1986 s 216(6) (UK)
Section 386B: inserted, on 1 November 2007, by section 35 of the Companies Amendment Act 2006 (2006 No 56).
