Plain language law

New Zealand law explained for everyone

Credit Contracts and Consumer Finance Act 2003

Reopening of oppressive credit contracts, consumer leases, and buy-back transactions

127: Power of court on reopening credit contract, consumer lease, or buy-back transaction

You could also call this:

"The court can fix problems with a credit contract and make things fair."

Illustration for Credit Contracts and Consumer Finance Act 2003

If a court reopens a credit contract, you can get orders to fix the problems. The court can make you do things like give back property or pay money. It can also change or cancel the contract. The court has a lot of power to make things right. It can tell you to do something or stop doing something. You might have to pay money or give back something you own. The court can make any order it thinks is necessary. It can also add conditions to the order. This means the court has a lot of flexibility to make a fair decision.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM213517.

This page was last updated on — View changes

Topics:
Money and consumer rights > Consumer protection
Previous

126: Evidence, or

"What other options were available to you when you signed a contract"

Next

128: Costs in consumer cases, or

"Who pays court costs in unfair credit deals"

Part 5Reopening of oppressive credit contracts, consumer leases, and buy-back transactions

127Power of court on reopening credit contract, consumer lease, or buy-back transaction

  1. If the court reopens a credit contract, consumer lease, or buy-back transaction, it may make any orders that it thinks necessary to remedy the matters that caused the court to reopen the contract, lease, or transaction.

  2. The court may—

  3. order that an account be taken, and reopen any account already taken, for any transaction between the parties; or
    1. vest in any party, or direct any party to transfer or assign to any other party or to deliver to any other party the possession of, the whole or any part of any property that is the subject of the credit contract, consumer lease, or buy-back transaction or that is the whole or part of the consideration for it; or
      1. direct any party to pay to any other party any sum that the court thinks fit; or
        1. order that any obligation outstanding under the credit contract, consumer lease, or buy-back transaction be extinguished, revised, altered, complied with, or performed; or
          1. order that the credit contract, consumer lease, or buy-back transaction, or any term of the contract, lease, or transaction, or any security interest in connection with the contract, lease, or transaction, be set aside (in whole or in part) or revised or altered; or
            1. if a party has parted with any property that is the subject of a security interest in connection with the credit contract, consumer lease, or buy-back transaction, order him or her to indemnify the other party or parties; or
              1. direct any party to do or refrain from doing any act or thing in relation to any other party.

                1. Subsection (2) does not limit subsection (1).

                2. Any order may be made on any terms and conditions that the court thinks fit.

                Compare
                • s 14(1), (3)