Insolvency Practitioners Regulation (Amendments) Act 2019

  • This version was replaced on 29 September 2020 to make corrections to Schedules 1 and 3 under section 25(1)(j)(iv) of the Legislation Act 2012.

Reprint as at 1 September 2020

Coat of Arms of New Zealand

Insolvency Practitioners Regulation (Amendments) Act 2019

Public Act
 
2019 No 28
Date of assent
 
17 June 2019
Commencement
 
see section 2
Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.

Contents

1Title
2Commencement
3Principal Act amended
4Interpretation
5New sections 239F and 239G substituted
239FWho may be appointed as administrator
239GWhat administrator must do before appointment
6Who may appoint administrator
7When office of administrator is vacant
8Removal of administrator
9Section 239S repealed
10New section 239TA inserted
239TAProvision of information and assistance to replacement administrator
11Section 239AI repealed
12Power of court where outcome of voting at creditors’ meeting determined by related entity
13New sections 239AMA to 239AMC inserted
239AMACreditor’s vote disregarded if administrator considers creditor is related creditor
239AMBFurther powers where court orders creditor’s vote be taken into account
239AMCPower of court where outcome of voting at creditors’ meeting determined by related creditor
14New sections 239AP and 239APA substituted
239APAdministrator must table documents at first creditors’ meeting
239APARequirements for interests statement
15Notice of watershed meeting
16Former administrator is default liquidator
17New section 239ABYA inserted
239ABYAProvision of information and assistance to liquidator
18Voidable transactions
19New sections 239ACD to 239ACEA substituted
239ACDWho may be appointed as deed administrator
239ACEWhat deed administrator must do before appointment
239ACEARequirements for interests statement
20When office of deed administrator vacant
21New section 239ACJA inserted
239ACJAProvision of information and assistance to replacement deed administrator
22Heading to subpart 14 of Part 15A amended
23Administrator must file accounts
24New sections 239ACZA and 239ACZB inserted
239ACZAAdministrator must file updates to interests statement
239ACZBAdministrator must file summary report
25New section 239ADUA inserted
239ADUAMeaning of failure to comply
26Prohibition order
27Administrator must give notice of appointment
28New section 239ADWA inserted
239ADWADeed administrator must give notice of appointment
29Interpretation
30Liquidation of associations
31New section 241AA substituted
241AARestriction on appointment of liquidator by shareholders or board after application for court appointment served on company
32Liquidator to summon meeting of creditors
33New section 243A inserted
243ADirectors’ declaration that debts will be paid within 12 months
34New section 244 substituted
244Liquidator to summon meeting of creditors in other cases
35Liquidator may dispense with meetings of creditors
36Power of court where outcome of voting at meeting of creditors determined by related entity
37New sections 245B to 245D inserted
245BCreditor’s vote disregarded if liquidator considers creditor is related creditor
245CFurther powers where court orders creditor’s vote be taken into account
245DPower of court where outcome of voting at meeting of creditors determined by related creditor
38Other duties of liquidator
39New section 255A inserted
255ARequirements for interests statement
40New section 256 substituted
256Duties in relation to records
41New section 256A inserted
256ADuties in relation to company money
42Duties in relation to final report and accounts
43Sections 258A and 258B repealed
44Restriction on enforcement of lien over documents
45Heading above section 280 amended
46New section 280 substituted
280Who may be appointed as liquidator
47Validity of acts of liquidators
48New section 282 substituted
282What liquidator must do before appointment
49Vacancies in office of liquidator
50New section 283A inserted
283AProvision of information and assistance to replacement liquidator
51New section 285 substituted
285Meaning of failure to comply
52Orders to enforce liquidator’s duties
53New heading and sections 296A to 296D inserted
296ADispositions of property after application but before appointment of liquidator
296BProcedure for setting aside dispositions
296COther orders
296DAdditional provisions relating to setting aside dispositions
54Registrar and Deputy Registrars of Companies
55Penalty for failure to comply with Act
56Regulations
57New Part added to Schedule 1AA
58Consequential amendments
59Principal Act amended
60Interpretation
61New section 3B inserted
3ATransitional, savings, and related provisions [Repealed]
3BAct binds the Crown
62New section 5 substituted
5Who may be appointed as receiver
63New section 6A inserted
6AWhat receiver must do before appointment
64Notice of appointment
65Vacancy in office of receiver
66New section 11A inserted
11AProvision of information and assistance to replacement receiver
67Duty in relation to money
68Accounting records
69New sections 24 and 24A substituted
24Further reports by receiver
24ASummary report by receiver
70Persons entitled to receive reports
71Section 28 repealed
72Notice of end of receivership
73New section 36 substituted
36Meaning of failure to comply
74Orders to enforce receiver’s duties
75Powers and duties of receivers
76New Part inserted in Schedule 1AA
77Schedule amended
Reprint notes

The Parliament of New Zealand enacts as follows: