Section 354 — Companies Act 1993: Companies that cannot transfer incorporation

354 Companies that cannot transfer incorporation (1) A company must not be removed from the New Zealand register under section 355 of this Act if— (a) The company is in liquidation or an application has been made to the Court under section 241 of this Act to put the company into liquidation; or (b) A receiver or manager has been appointed, whether by a court or not, in relation to the property of the company; or (c) The company has entered into a compromise with creditors or a class of creditors under Part 14 of this Act or a compromise has been proposed under that Part of this Act in relation to the company; or (d) A compromise has been approved by the Court under Part 15 of this Act in relation to the company or an application has been made to the Court to approve a compromise under that Part of this Act. (2) A company must not be removed from the New Zealand register under section 355 of this Act unless the company would, immediately before it is removed from the register, satisfy the solvency test.