Plain language law

New Zealand law explained for everyone

239APA: Requirements for interests statement
or “Rules for disclosing conflicts of interest when becoming a company administrator”

You could also call this:

“What a creditors' committee does when a company is being managed by an administrator”

When a company is in administration, a creditors’ committee has two main jobs. First, you can talk with the administrator about things related to the administration. Second, you can get reports from the administrator and think about them.

You can’t tell the administrator what to do if you’re on the creditors’ committee. But the administrator has to tell you about things happening in the administration when you ask for information in a reasonable way.

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Next up: 239AR: Membership of creditors' committee

or “Who can be on a creditors' committee”

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Companies Act 1993
Voluntary administration
239AQ: Functions of creditors' committee

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

239AQFunctions of creditors' committee

The functions of the creditors' committee of a company in administration are—
to consult with the administrator about matters relating to the administration; and
to receive and consider reports by the administrator.

The committee must not give directions to the administrator, but the administrator must report to the committee about matters relating to the administration as and when the committee reasonably requires.

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