Plain language law

New Zealand law explained for everyone

Companies Act 1993

Voluntary administration - Deed administrator

239ACK: Remuneration of deed administrator

You could also call this:

“How much the deed administrator can charge for their work”

The deed administrator can charge a fair amount of money for doing their job and using their powers. This is called remuneration.

If someone thinks the deed administrator’s pay isn’t fair, they can ask the court to look at it. The court can then decide what a fair amount is. The people who can ask the court to do this are the deed administrator, a director or officer of the company, a creditor, or a shareholder.

If you’re a creditor or shareholder and you want to ask the court about the deed administrator’s pay, you need to get permission from the court first.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321592.

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Part 15A Voluntary administration
Deed administrator

239ACKRemuneration of deed administrator

  1. The deed administrator is entitled to charge reasonable remuneration for carrying out his or her duties and exercising his or her powers as deed administrator.

  2. The court may, on the application of the deed administrator, a director or officer of the company, a creditor, or a shareholder, review or fix the deed administrator's remuneration at a level that is reasonable in the circumstances.

  3. A creditor or shareholder may make an application under subsection (2) only with the leave of the court.

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