Plain language law

New Zealand law explained for everyone

239AI: Administrator must report misconduct
or “This rule about reporting misconduct no longer exists”

You could also call this:

“Administrator organises meetings for creditors to make decisions about the company”

When a company is in voluntary administration, the administrator has to organise meetings for the creditors. You need to call three types of meetings. First, you must arrange a meeting where creditors can choose to form a committee. This committee can help represent all the creditors. Next, you have to set up a watershed meeting. This is a very important meeting that decides what happens to the company next. You can find more details about the watershed meeting in section 239AS. Lastly, you might need to call other meetings if something changes, like if a new administrator takes over. These meetings help keep creditors informed and involved in what’s happening with the company.

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Next up: 239AK: Conduct of creditors' meetings

or “How creditors' meetings are run and decisions are made”

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Companies Act 1993
Voluntary administration
239AJ: Administrator must call creditors' meetings

Part 15A Voluntary administration
Creditors' meetings generally

239AJAdministrator must call creditors' meetings

The administrator must call—
the first creditors' meeting, for the appointment (if any) of a committee of creditors; and
the watershed meeting (see section 239AS); and
other creditors' meetings as required (for example, because an administrator has been replaced).

Notes