Insolvency Practitioners Regulation (Amendments) Bill

  • enacted

Hon Kris Faafoi

Insolvency Practitioners Regulation (Amendments) Bill

Government Bill

141—4A

Contents

Bill note
Key
1Title
2Commencement
3Principal Act amended
3AInterpretation
3BNew sections 239F and 239G substituted
239FWho may be appointed as administrator
239GWhat administrator must do before appointment
3CWho may appoint administrator
3DWhen office of administrator is vacant
3ERemoval of administrator
3FSection 239S repealed
3GNew section 239TA inserted
239TAProvision of information and assistance to replacement administrator
3HSection 239AI repealed
3HAPower of court where outcome of voting at creditors’ meeting determined by related entity
3HBNew sections 239AMA to 239AMB inserted
239AMACreditor’s vote disregarded if administrator considers creditor is related creditor
239AMAAFurther powers where court orders creditor’s vote be taken into account
239AMBPower of court where outcome of voting at creditors’ meeting determined by related creditor
3INew sections 239AP and 239APA substituted
239APAdministrator must table documents at first creditors’ meeting
239APARequirements for interests statement
3IANotice of watershed meeting
3JFormer administrator is default liquidator
3KNew section 239ABYA inserted
239ABYAProvision of information and assistance to liquidator
3KAVoidable transactions
3LNew sections 239ACD to 239ACEA substituted
239ACDWho may be appointed as deed administrator
239ACEWhat deed administrator must do before appointment
239ACEARequirements for interests statement
3MWhen office of deed administrator vacant
3NNew section 239ACJA inserted
239ACJAProvision of information and assistance to replacement deed administrator
3OHeading to subpart 14 of Part 15A amended
3PAdministrator must file accounts
3QNew sections 239ACZAA and 239ACZA inserted
239ACZAAAdministrator must file updates to interests statement
239ACZAAdministrator must file summary report
3RNew section 239ADUA inserted
239ADUAMeaning of failure to comply
4Prohibition order
4ABAdministrator must give notice of appointment
4ACNew section 239ADWA inserted
239ADWADeed administrator must give notice of appointment
4BInterpretation
4BALiquidation of associations
4BBNew section 241AA substituted
241AARestriction on appointment of liquidator by shareholders or board after application for court appointment served on company
4CLiquidator to summon meeting of creditors
4CANew section 243A inserted
243ADirectors’ declaration that debts will be paid within 12 months
4CBNew section 244 substituted
244Liquidator to summon meeting of creditors in other cases
4DLiquidator may dispense with meetings of creditors
4DAPower of court where outcome of voting at meeting of creditors determined by related entity
4DBNew sections 245B to 245C inserted
245BCreditor’s vote disregarded if liquidator considers creditor is related creditor
245BAFurther powers where court orders creditor’s vote be taken into account
245CPower of court where outcome of voting at meeting of creditors determined by related creditor
4EOther duties of liquidator
4EANew section 255A inserted
255ARequirements for interests statement
4FNew section 256 substituted
256Duties in relation to records
4GNew section 256A inserted
256ADuties in relation to company money
4HDuties in relation to final report and accounts
4HASections 258A and 258B repealed
4HBRestriction on enforcement of lien over documents
4IHeading above section 280 amended
5New section 280 substituted
280Who may be appointed as liquidator
5AValidity of acts of liquidators
5BNew section 282 substituted
282What liquidator must do before appointment
5CVacancies in office of liquidator
5DNew section 283A inserted
283AProvision of information and assistance to replacement liquidator
5ENew section 285 substituted
285Meaning of failure to comply
6Orders to enforce liquidator’s duties
6ANew 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
7ARegistrar and Deputy Registrars of Companies
8Penalty for failure to comply with Act
10Regulations
10ANew Part 2 added to Schedule 1AA
11Consequential amendments
12Principal Act amended
12AInterpretation
12BNew sections 3A and 3B inserted
3ATransitional, savings, and related provisions
3BAct binds the Crown
13New section 5 substituted
5Who may be appointed as receiver
13ANew section 6A inserted
6AWhat receiver must do before appointment
13BNotice of appointment
13CVacancy in office of receiver
13DNew section 11A inserted
11AProvision of information and assistance to replacement receiver
13EDuty in relation to money
13FAccounting records
13HNew sections 24 and 24A substituted
24Further reports by receiver
24ASummary report by receiver
13HAPersons entitled to receive reports
13HBSection 28 repealed
13HCNotice of end of receivership
13INew section 36 substituted
36Meaning of failure to comply
14Orders to enforce receiver’s duties
14APowers and duties of receivers
14BNew Schedule 1AA inserted
15Schedule amended
Legislative history

The Parliament of New Zealand enacts as follows: