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Companies Act 1993

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

239AR: Membership of creditors' committee

You could also call this:

“Who can be on a creditors' committee”

If you want to be on the creditors’ committee, you need to be one of these three things:

You can be a creditor of the company. This means the company owes you money.

You can be an agent for a creditor. This means you have a general power of attorney to act for someone the company owes money to.

You can be someone who has written permission from a creditor to be on the committee. This means a creditor has given you a letter saying you can represent them.

Remember, you can only be on the committee if you fit into one of these three groups. This helps make sure that only people who are owed money by the company, or their representatives, are on the committee.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321542.

Topics:

Business > Industry rules

Business > Fair trading

239AQ: Functions of creditors' committee, or

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

239AS: What watershed meeting is, or

“A watershed meeting is where creditors decide the company's future”

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

239ARMembership of creditors' committee

A person may be a member of the creditors' committee only if he or she is—
a creditor of the company; or
the agent of a creditor under a general power of attorney; or
authorised in writing by a creditor to be a member.

Compare

Corporations Act 2001 s 436G (Aust)

Notes

Section 239AR: inserted, on 1 November 2007, by section 6 of the Companies Amendment Act 2006 (2006 No 56).