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Companies Act 1993

Voluntary administration - Creditors' meetings generally

239AJ: Administrator must call creditors' meetings

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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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321533.

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Part 15A Voluntary administration
Creditors' meetings generally

239AJAdministrator must call creditors' meetings

  1. The administrator must call—

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

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