Plain language law

New Zealand law explained for everyone

Companies Act 1993

Voluntary administration - Preliminary

239B: Interpretation of some key terms

You could also call this:

“Definitions of key terms used in company administration”

In this part of the law, you’ll find some important words and what they mean.

An administrator is the person put in charge of running a company when it’s in administration.

A deed administrator might be the same person as the administrator, but their job is to manage the deed of company arrangement.

A deed of company arrangement is a special agreement made between the company and the people it owes money to. This agreement sets out how the company will pay its debts.

Lastly, a watershed meeting is a very important meeting where the people the company owes money to get together. At this meeting, they decide what will happen to the company in the future. They also decide if the company and the deed administrator should sign a deed of company arrangement.

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 It might be out of date or be missing some parts.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=DLM321194.

Topics:
Business > Industry rules
Business > Fair trading
Previous

239A: Objects of this Part, or

“This part explains how to help struggling companies survive or wind down fairly”

Next

239C: Interpretation of other terms, or

“Explaining key terms used in the Companies Act 1993”

Part 15A Voluntary administration
Preliminary

239BInterpretation of some key terms

  1. The following are some key terms used in this Part and their meanings:

    administrator means the person who is appointed the administrator of the company in administration

      deed administrator, who may or may not be the same person as the administrator, is the person who is appointed the administrator of the deed of company arrangement

        deed of company arrangement means the deed that is executed by the company and its creditors providing for payments towards the creditors' debts

          watershed meeting means the creditors' meeting called by the administrator to decide the future of the company and, in particular, whether the company and the deed administrator should execute a deed of company arrangement.

          Notes
          • Section 239B: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).