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Companies Act 1993

Voluntary administration - First creditors' meeting to appoint creditors' committee

239AN: Administrator must call first creditors' meeting

You could also call this:

“Administrator must organise a quick meeting with people the company owes money to”

When a company goes into voluntary administration, the administrator has some important tasks to do. They must organise a meeting with the people or businesses the company owes money to. These people are called creditors.

The administrator needs to hold this meeting within 8 working days after the administration starts. This is quite soon, so they need to act quickly.

At this meeting, the creditors have two main things to decide. First, they can choose whether they want to form a committee of creditors. If they do, they’ll also need to pick who will be on this committee. Second, the creditors can decide if they want to replace the current administrator with someone else.

This meeting is important because it gives the creditors a chance to have a say in how the administration is run. It’s a way for them to be involved in the process and make decisions that could affect how they might get their money back.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321538.

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Part 15A Voluntary administration
First creditors' meeting to appoint creditors' committee

239ANAdministrator must call first creditors' meeting

  1. The administrator must call the first creditors' meeting to—

  2. decide whether to appoint a creditors' committee and, if so, to appoint its members; and
    1. decide whether to replace the administrator.

      1. The meeting must be held within 8 working days after the date on which the administration began.

      Compare
      • Corporations Act 2001 s 436E(1), (2) (Aust)
      Notes
      • Section 239AN: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).