New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) A debtor commits an act of bankruptcy if the debtor admits at a meeting of creditors that he or she is insolvent and—
(a) a majority of the creditors present at the meeting requires the debtor to file an application for adjudication; or
(b) the debtor agrees to file an application for adjudication and does not do so within 2 working days after the meeting.
(2) In subsection (1)(a), majority means a majority by number of creditors present and the value of their combined debts.
Compare: 1967 No 54 s 19(1)(f)