(1) An application for an order under this section may be made by—
(2) An application for an order under this section may be made by a receiver of the property of a grantor in relation to a failure to comply by another receiver of the property of the grantor.
(3) No application may be made to the court in relation to a failure to comply unless notice of the failure to comply has been served on the receiver not less than 7 days before the date of the application and, as at the date of the application, there is a continuing failure to comply.
(4) If the court is satisfied that there is, or has been, a failure to comply, the court may—
(5) The court may, in respect of a person who fails to comply with an order made under subsection (4)(b), or is or becomes disqualified under section 5 to become or remain a receiver,—
(6) If it is shown to the satisfaction of the court that a person is unfit to act as a receiver by reason of—
the court must make, in relation to that person, a prohibition order for a period not exceeding 5 years.
(7) A person to whom a prohibition order applies must not—
(8) In making an order under this section the court may, if it thinks fit,—
(9) A copy of every order made under subsection (6) must, within 14 days of the order being made, be delivered by the applicant to the Official Assignee for New Zealand who must keep it on a public file indexed by reference to the name of the receiver concerned.
Section 37(1)(i): amended, on 7 July 2010, by section 10 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).