2 Interpretation

(1)

In this Act, unless the context otherwise requires,—

account receivable has the same meaning as in section 16(1) of the Personal Property Securities Act 1999

company has the same meaning as in section 2(1) of the Companies Act 1993; and includes an overseas company

court means the High Court

creditor includes a person to whom the grantor owes a debt or is under a liability, whether present or future, certain or contingent, and whether an ascertained debt or liability or a liability in damages

director, in relation to—

(a)

a company within the meaning of section 2(1) of the Companies Act 1993, includes—

(i)

any person occupying the position of director of the company by whatever name called; and

(ii)

a person in accordance with whose directions or instructions a person referred to in subparagraph (i) may be required or is accustomed to act; and

(iii)

a person in accordance with whose directions or instructions the board of the company may be required or is accustomed to act:

(b)

an overseas company, includes an agent, officer, or employee responsible in New Zealand for the business of the overseas company:

(c)

any other body corporate, means a person having functions similar to those of a director of a company;—

but does not include a receiver

document means a document in any form; and includes—

(a)

any writing on material; and

(b)

information recorded or stored by means of a tape recorder, computer, or other device; and material subsequently derived from information so recorded or stored; and

(c)

a book, graph, or drawing; and

(d)

a photograph, film, negative, tape, or other device in which 1 or more visual images are embodied so as to be capable (with or without the aid of equipment) of being reproduced

grantor means the person in respect of whose property a receiver is, or may be, appointed

insolvency practitioner has the same meaning as in section 5(1) of the Insolvency Practitioners Regulation Act 2019

inventory has the same meaning as in section 16(1) of the Personal Property Securities Act 1999

licensed insolvency practitioner has the same meaning as in section 5(1) of the Insolvency Practitioners Regulation Act 2019

liquidator means a liquidator appointed under Part 16 of the Companies Act 1993; and liquidation has a corresponding meaning

local authority means a local authority within the meaning of the Local Government Act 2002

mortgage includes a charge on property for securing money or money’s worth

mortgagee includes a person from time to time deriving title under the original mortgagee; but does not include a receiver

new value has the same meaning as in section 16(1) of the Personal Property Securities Act 1999

Official Assignee means, in relation to the estate of a bankrupt, any Official Assignee or Deputy Assignee appointed under the Insolvency Act 2006 and having charge of that estate

overseas company means a company incorporated outside New Zealand

preferential claims means the claims referred to in Schedule 7 of the Companies Act 1993 (except clause 1(1) of that schedule)

proceeds has the same meaning as in section 16(1) of the Personal Property Securities Act 1999

prohibition order means an order made under section 37(6) or under section 239ADV(1) or 286(5) of the Companies Act 1993 that prohibits a person from acting as an insolvency practitioner

property includes—

(a)

real and personal property:

(b)

an estate or interest in real or personal property:

(c)

a debt:

(d)

any thing in action:

(e)

any other right or interest

property in receivership means property in respect of which a receiver is appointed

purchase money security interest has the same meaning as in section 16(1) of the Personal Property Securities Act 1999

receiver means a receiver, or a manager, or a receiver and manager in respect of any property appointed—

(a)

by or under any deed or agreement; or

(b)

by the court in the exercise of a power conferred on the court or in the exercise of its inherent jurisdiction—

whether or not the person appointed is empowered to sell any of the property in receivership; but does not include—

(c)

a mortgagee who, whether personally or through an agent, exercises a power to—

(i)

enter into possession of mortgaged property in a manner referred to in section 137 of the Property Law Act 2007; or

(ii)

sell or otherwise alienate mortgaged property; or

(d)

an agent of any such mortgagee

Registrar, in relation to—

(a)

a company, has the same meaning as in section 2(1) of the Companies Act 1993:

(b)

a society registered under the Industrial and Provident Societies Act 1908, means the Registrar of Industrial and Provident Societies:

(c)

a society registered under the Incorporated Societies Act 1908, means the Registrar of Incorporated Societies:

(d)

a friendly society or a credit union registered or incorporated under the Friendly Societies and Credit Unions Act 1982, means the Registrar of Friendly Societies and Credit Unions:

(e)

any other body corporate registered under any enactment, means any person discharging the powers, functions, and duties of a registrar under that enactment

related company has the same meaning as in section 2(1) of the Companies Act 1993

security agreement has the same meaning as in section 16(1) of the Personal Property Securities Act 1999

security interest has the same meaning as in section 17 of the Personal Property Securities Act 1999.

(2)

In this Act, unless the context otherwise requires, a reference to a person by whom, or in whose interests, a receiver was appointed, as the case may be, includes a reference to a person to whom the rights and interests under any deed or agreement by or under which the receiver was appointed have been transferred or assigned.

(3)

A requirement in this Act for a person to provide a notice or other document may be satisfied by the person providing the notice or other document by electronic means in accordance with Part 4 of the Contract and Commercial Law Act 2017.

Section 2(1) account receivable: inserted, on 1 May 2002, by section 3 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 2(1) company: replaced, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).

Section 2(1) director paragraph (a): amended, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).

Section 2(1) insolvency practitioner: inserted, on 1 September 2020, by section 60(1) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).

Section 2(1) inventory: inserted, on 1 May 2002, by section 3 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 2(1) licensed insolvency practitioner: inserted, on 1 September 2020, by section 60(1) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).

Section 2(1) liquidator: amended, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).

Section 2(1) local authority: inserted, on 1 July 2003, by section 262 of the Local Government Act 2002 (2002 No 84).

Section 2(1) new value: inserted, on 1 May 2002, by section 3 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 2(1) Official Assignee: amended, on 3 December 2007, by section 445 of the Insolvency Act 2006 (2006 No 55).

Section 2(1) preferential claims: amended, on 1 November 2007, by section 41 of the Companies Amendment Act 2006 (2006 No 56).

Section 2(1) proceeds: inserted, on 1 May 2002, by section 3 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 2(1) prohibition order: inserted, on 1 September 2020, by section 60(1) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).

Section 2(1) purchase money security interest: inserted, on 1 May 2002, by section 3 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 2(1) receiver paragraph (c): substituted, on 1 January 2008, by section 364(1) of the Property Law Act 2007 (2007 No 91).

Section 2(1) Registrar paragraph (a): amended, on 5 December 2013, by section 14 of the Companies Amendment Act 2013 (2013 No 111).

Section 2(1) Registrar paragraph (d): amended, on 1 April 2019, by section 61(2) of the Friendly Societies and Credit Unions (Regulatory Improvements) Amendment Act 2018 (2018 No 17).

Section 2(1) related company: inserted, on 1 September 2020, by section 60(1) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).

Section 2(1) security agreement: added, on 1 May 2002, by section 3 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 2(1) security interest: added, on 1 May 2002, by section 3 of the Receiverships Amendment Act 2001 (2001 No 24).

Section 2(3): inserted, on 1 September 2020, by section 60(2) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).