Insolvency (Maximum Priority Amount) Order 2012

  • revoked
  • Insolvency (Maximum Priority Amount) Order 2012: revoked, on 30 September 2015, by clause 4 of the Insolvency (Maximum Priority Amount) Order 2015 (LI 2015/202).

Reprint as at 30 September 2015

Coat of Arms of New Zealand

Insolvency (Maximum Priority Amount) Order 2012

(SR 2012/253)

Insolvency (Maximum Priority Amount) Order 2012: revoked, on 30 September 2015, by clause 4 of the Insolvency (Maximum Priority Amount) Order 2015 (LI 2015/202).

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 27th day of August 2012

Present:
His Excellency the Governor-General in Council

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

Pursuant to section 276(2) of the Insolvency Act 2006, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following order.

Order

1 Title

This order is the Insolvency (Maximum Priority Amount) Order 2012.

2 Commencement

This order comes into force on 28 September 2012.

3 Maximum priority amount

The maximum priority amount for the purposes of section 276(1) of the Insolvency Act 2006 is $20,340.

4 Revocation

The Insolvency (Maximum Priority Amount) Order 2009 (SR 2009/228) is consequentially revoked.

Michael Webster,
for Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on 28 September 2012, sets the adjusted maximum priority amount that applies to certain preferential claims by employee creditors of a bankrupt person. This order increases that amount from $18,700 to $20,340 to reflect the overall percentage increase in average weekly earnings in the private sector over the 3-year period starting on 1 July 2009 and ending on 30 June 2012.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 30 August 2012.

Reprints notes
1 General

This is a reprint of the Insolvency (Maximum Priority Amount) Order 2012 that incorporates all the amendments to that order as at the date of the last amendment to it.

2 Legal status

Reprints are presumed to correctly state, as at the date of the reprint, the law enacted by the principal enactment and by any amendments to that enactment. Section 18 of the Legislation Act 2012 provides that this reprint, published in electronic form, has the status of an official version under section 17 of that Act. A printed version of the reprint produced directly from this official electronic version also has official status.

3 Editorial and format changes

Editorial and format changes to reprints are made using the powers under sections 24 to 26 of the Legislation Act 2012. See also http://www.pco.parliament.govt.nz/editorial-conventions/.

4 Amendments incorporated in this reprint

Insolvency (Maximum Priority Amount) Order 2015 (LI 2015/202): clause 4