When the Hillary Commission was dissolved, its assets and liabilities were transferred to the Agency. You need to know that assets are things of value, like money or property, and liabilities are debts or responsibilities. The Agency became responsible for these assets and liabilities, as stated in the Sport and Recreation New Zealand Act 2002, but this part of the law was repealed on 3 June 2017 by the Statutes Repeal Act 2017, which you can find more information about on the New Zealand legislation website.