Companies Act 1993
Sections and provisions with full text and the judgments that cite each one.
Section 274 — Duty to identify and deliver property
274 Duty to identify and deliver property (1) A present or former director or employee of a company in liquidation must,— (a) Forthwith after the company is put into liquidation, give the liquidator…
Section 275 — Refusal to supply essential services prohibited
275 Refusal to supply essential services prohibited (1) For the purposes of this section, an essential service means— (a) The retail supply of gas: (b) The retail supply of electricity: (c) The…
Section 276 — Remuneration of liquidators
276 Remuneration of liquidators (1) Subject to section 284(1)(e) of this Act, every liquidator, not being an Official Assignee, appointed under paragraph (a) or paragraph (b) of subsection (2) of…
Section 277 — Rates of remuneration
277 Rates of remuneration (1) The Governor-General may from time to time, by Order in Council, for the purposes of section 276 of this Act, make regulations fixing an amount or prescribing a rate or…
Section 278 — Expenses and remuneration payable out of assets of company
278 Expenses and remuneration payable out of assets of company The expenses and remuneration of the liquidator are payable out of the assets of the company.
Section 279 — Liquidator ceases to hold office on completion of liquidation
279 Liquidator ceases to hold office on completion of liquidation (1) A liquidator ceases to hold office on the completion of the liquidation in accordance with section 249 of this Act. (2)…
Section 280 — Qualifications of liquidators
280 Qualifications of liquidators (1) Unless the Court orders otherwise, none of the following persons may be appointed or act as a liquidator of a company: (a) A person less than 18 years old: (b) A…
Section 281 — Validity of acts of liquidators
281 Validity of acts of liquidators The acts of a person as a liquidator are valid even though that person is not qualified to act as a liquidator.
Section 282 — Consent to appointment
282 Consent to appointment The appointment of a person, other than an Official Assignee, as liquidator is of no effect unless that person has consented in writing to the appointment.
Section 283 — Vacancies in office of liquidator
283 Vacancies in office of liquidator (1) The office of liquidator becomes vacant if the person holding office resigns, dies, or becomes disqualified under section 280 of this Act. (2) A person,…
Section 284 — Court supervision of liquidation
284 Court supervision of liquidation (1) On the application of the liquidator, a liquidation committee, or, with the leave of the Court, a creditor, shareholder, other entitled person, or director of…
Section 285 — Meaning of failure to comply
285 Meaning of failure to comply 1 In section 286 of this Act unless the context otherwise requires, failure to comply means a failure of a liquidator to comply with a relevant duty arising— (a)…
Section 286 — Orders to enforce liquidator's duties
286 Orders to enforce liquidator's duties (1) An application for an order under this section may be made by— (a) A liquidator: (b) A person seeking appointment as a liquidator: (c) A liquidation…
Section 287 — Meaning of inability to pay debts
287 Meaning of inability to pay debts Unless the contrary is proved, and subject to section 288 of this Act, a company is presumed to be unable to pay its debts if— (a) The company has failed to…
Section 288 — Evidence and other matters
288 Evidence and other matters (1) On an application to the Court for an order that a company be put into liquidation, evidence of failure to comply with a statutory demand is not admissible as…
Section 289 — Statutory demand
289 Statutory demand (1) A statutory demand is a demand by a creditor in respect of a debt owing by a company made in accordance with this section. (2) A statutory demand must— (a) Be in respect of a…
Section 290 — Court may set aside statutory demand
290 Court may set aside statutory demand (1) The Court may, on the application of the company, set aside a statutory demand. (2) The application must be— (a) Made within 10 working days of the date…
Section 291 — Additional powers of Court on application to set aside statutory demand
291 Additional powers of Court on application to set aside statutory demand (1) If, on the hearing of an application under section 290 of this Act, the Court is satisfied that there is a debt due by…
Section 292 — Insolvent transaction voidable
292 Insolvent transaction voidable (1) A transaction by a company is voidable by the liquidator if it— (a) is an insolvent transaction; and (b) is entered into within the specified period. (2) An…
Section 293 — Voidable charges
293 Voidable charges (1) A charge over any property or undertaking of a company is voidable by the liquidator if— (a) the charge was given within the specified period; and (b) immediately after the…
Section 294 — Procedure for setting aside transactions and charges
294 Procedure for setting aside transactions and charges (1) A liquidator who wishes to set aside a transaction or charge that is voidable under section 292 or 293 must— (a) file a notice with the…
Section 295 — Other orders
295 Other orders If a transaction or charge is set aside under section 294 , the Court may make 1 or more of the following orders: (a) an order that a person pay to the company an amount equal to…
Section 296 — Additional provisions relating to setting aside transactions and charges
296 Additional provisions relating to setting aside transactions and charges (1) The setting aside of a transaction or an order made under section 295 of this Act does not affect the title or…
Section 297 — Transactions at undervalue
297 Transactions at undervalue (1) Under subsection (2) the liquidator may recover from a person ( X ) the amount C in the formula A − B = C, where— (a) A is the value that X received from a company…
Section 298 — Transactions for inadequate or excessive consideration with directors and certain other persons
298 Transactions for inadequate or excessive consideration with directors and certain other persons (1) Where, within the specified period, a company has acquired a business or property from, or the…
Section 299 — Court may set aside certain securities and charges
299 Court may set aside certain securities and charges (1) Subject to subsection (2) of this section, if a company that is in liquidation is unable to meet all its debts, the Court, on the…
Section 300 — Liability if proper accounting records not kept
300 Liability if proper accounting records not kept (1) Subject to subsection (2) of this section, if— (a) A company that is in liquidation and is unable to pay all its debts has failed to comply…
Section 301 — Power of Court to require persons to repay money or return property
301 Power of Court to require persons to repay money or return property (1) If, in the course of the liquidation of a company, it appears to the Court that a person who has taken part in the…
Section 302 — Application of bankruptcy rules to liquidation of insolvent companies
302 Application of bankruptcy rules to liquidation of insolvent companies (1) Subject to this Part of this Act, the rules in force under the law of bankruptcy with respect to the estates of persons…
Section 303 — Admissible claims
303 Admissible claims (1) Subject to subsection (2) of this section, a debt or liability, present or future, certain or contingent, whether it is an ascertained debt or a liability for damages, may…
Section 304 — Claims by unsecured creditors
304 Claims by unsecured creditors (1) A claim by an unsecured creditor against a company in liquidation must be made in the prescribed form and must— (a) Contain full particulars of the claim; and…
Section 305 — Rights and duties of secured creditors
305 Rights and duties of secured creditors (1) A secured creditor may— (a) Realise property subject to a charge, if entitled to do so; or (b) Value the property subject to the charge and claim in the…
Section 306 — Ascertainment of amount of claim
306 Ascertainment of amount of claim (1) The amount of a claim must be ascertained as at the date and time of commencement of the liquidation. (2) The amount of a claim based on a debt or liability…
Section 307 — Claim not of an ascertained amount
307 Claim not of an ascertained amount (1) If a claim is subject to a contingency, or is for damages, or, if for some other reason, the amount of the claim is not certain, the liquidator may— (a)…
Section 308 — Fines and penalties
308 Fines and penalties Nothing in this Part of this Act limits or affects the recovery of— (a) A fine imposed on a company, whether before or after the commencement of the liquidation of the…
Section 309 — Claims relating to debts payable after commencement of liquidation
309 Claims relating to debts payable after commencement of liquidation (1) A claim in respect of a debt that, but for the liquidation, would not be payable until a date that is 6 months, or later…
Section 310 — Mutual credit and set-off
310 Mutual credit and set-off (1) Where there have been mutual credits, mutual debts, or other mutual dealings between a company and a person who seeks or, but for the operation of this section,…
Section 310A — Definitions relating to set-off under netting agreement
310A Definitions relating to set-off under netting agreement In this Act, unless the context otherwise requires,— Bank means the Reserve Bank of New Zealand Bilateral netting agreement means an…
Section 310B — Application of set-off under netting agreement
310B Application of set-off under netting agreement (1) Despite anything in section 313 , sections 310A to 310O apply— (a) To a netting agreement— (i) Made in or evidenced by writing; and (ii) In…
Section 310C — Calculation of netted balance
310C Calculation of netted balance If a company that is a party to a netting agreement is in liquidation,— (a) Any netted balance payable by or to the company must be calculated in accordance with…
Section 310D — Mutuality required for transactions under bilateral netting agreements
310D Mutuality required for transactions under bilateral netting agreements Sections 310A to 310O apply to transactions that are subject to a bilateral netting agreement only if those transactions…
Section 310E — When mutuality required for transactions under recognised multilateral netting agreements
310E When mutuality required for transactions under recognised multilateral netting agreements (1) Sections 310A to 310O apply to transactions that are subject to a recognised multilateral netting…
Section 310F — Application of set-off under section 310 to transactions subject to netting agreements
310F Application of set-off under section 310 to transactions subject to netting agreements (1) Section 310 does not apply to transactions that are subject to a netting agreement to which sections…
Section 310G — Transactions under netting agreement and effect on certain sections
310G Transactions under netting agreement and effect on certain sections (1) Nothing in sections 310A to 310O prevents the operation of section 56 or section 292 or section 297 or section 298 in…
Section 310H — Rights under netting agreement not affected by commencement of liquidation
310H Rights under netting agreement not affected by commencement of liquidation Nothing in section 248(1) affects, in respect of a company in liquidation, the exercise of any of the following rights…
Section 310I — Set-off under netting agreement not affected by notice under section 294
310I Set-off under netting agreement not affected by notice under section 294 The filing of a notice under section 294 in respect of any transaction that is subject to a netting agreement does not…
Section 310J — Court may set aside bilateral netting agreement between company and related person
310J Court may set aside bilateral netting agreement between company and related person (1) The Court may order, on the application of a liquidator, that a bilateral netting agreement entered into by…
Section 310K — Certain persons may be declared to be recognised clearing houses
310K Certain persons may be declared to be recognised clearing houses (1) The Bank may, by notice in the Gazette , declare any person that provides or proposes to provide clearing or settlement…
Section 310L — Matters that Bank must or may have regard to when making, varying, or revoking declaration under section 310K
310L Matters that Bank must or may have regard to when making, varying, or revoking declaration under section 310K (1) In determining whether a declaration should be made, varied, or revoked under…
Section 310M — Bank may impose conditions in declaration under section 310K
310M Bank may impose conditions in declaration under section 310K (1) The Bank may, in any declaration made or varied under section 310K , impose conditions relating to any of the matters referred to…