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Companies Act 1993

Voluntary administration - Variation and termination of deed

239ADB: Court may cancel creditors' variation

You could also call this:

“Court can cancel or change creditors' alterations to company agreements”

If you’re a creditor of a company in administration, you can ask the court to cancel a change that other creditors made to the company’s agreement. This agreement is called a deed of company arrangement.

When you ask the court to do this, the court can decide what’s fair and right. They might cancel the change, keep it, or change it a bit. They can also add conditions to their decision. The court can make other orders too if they think it’s needed.

The court will try to make sure everything is just and equitable. This means they want to be fair to everyone involved.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321612.

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239ADA: Creditors may vary deed, or

“Creditors can modify the deed of company arrangement through a resolution”

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239ADC: Termination of deed, or

“How a deed of company arrangement can end and what happens after”

Part 15A Voluntary administration
Variation and termination of deed

239ADBCourt may cancel creditors' variation

  1. A creditor of a company in administration may apply to the court for an order cancelling the variation of the deed of company arrangement by the creditors.

  2. On the application, the court may, if it is just and equitable to do so,—

  3. cancel or confirm the variation, wholly or in part, on specified conditions (if any); and
    1. make any other orders that the court thinks appropriate.

      Compare
      • Corporations Act 2001 s 445B (Aust)
      Notes
      • Section 239ADB: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).