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Companies Act 1993

Voluntary administration - Interface with liquidation

239ACB: Voidable transactions and voidable dispositions

You could also call this:

“Rules about undoing certain company transactions may not apply during administration”

When a company is in administration, certain rules about transactions and dispositions don’t apply in some cases. You don’t have to worry about these rules if the administrator or deed administrator has allowed the transaction or disposition. Also, if the deed of company arrangement specifically says it’s okay and the deed administrator carries it out, then it’s allowed too.

The rules we’re talking about here are called “voidable transaction and voidable disposition provisions”. You can find these rules in sections 292 to 296D of the Companies Act.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321582.

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Part 15A Voluntary administration
Interface with liquidation

239ACBVoidable transactions and voidable dispositions

  1. The voidable transaction and voidable disposition provisions do not apply to a transaction or disposition by a company in administration if the transaction or disposition is—

  2. carried out by or with the authority of the administrator or deed administrator; or
    1. specifically authorised by the deed of company arrangement and carried out by the deed administrator.

      1. In this section, voidable transaction and voidable disposition provisions means sections 292 to 296D.

      Notes
      • Section 239ACB: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).
      • Section 239ACB heading: amended, on , by section 18(1) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
      • Section 239ACB(1): amended, on , by section 18(2) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
      • Section 239ACB(2): replaced, on , by section 18(3) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).