Insolvency (Maximum Priority Amount) Order 2015

2015/202

Coat of Arms of New Zealand

Insolvency (Maximum Priority Amount) Order 2015

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 24th day of August 2015

Present:
His Excellency the Governor-General in Council

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 2015.

2 Commencement

This order comes into force on 30 September 2015.

3 Maximum priority amount

The maximum priority amount for the purposes of section 276(1) of the Insolvency Act 2006 is $22,160.

4 Revocation

Michael Webster,
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 30 September 2015, 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 $20,340 to $22,160 to reflect the overall percentage increase in average weekly earnings in the private sector over the 3-year period starting on 1 July 2012 and ending on 30 June 2015.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 27 August 2015.

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