Plain language law

New Zealand law explained for everyone

Companies Act 1993

Voluntary administration - Variation and termination of deed

239ADC: Termination of deed

You could also call this:

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

A deed of company arrangement can end in three ways. First, the court can terminate it under [section 239ADD]. Second, the creditors can vote to end it under [section 239ADE]. Third, it can end automatically if certain conditions specified in the deed are met.

If the deed ends because of a court decision or because the conditions in the deed were met, the deed administrator must tell the Registrar in writing that the deed has ended.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321613.

Topics:
Business > Industry rules
Business > Fair trading
Previous

239ADB: Court may cancel creditors' variation, or

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

Next

239ADD: Termination by court, or

“Court can end a company arrangement if asked and there are good reasons”

Part 15A Voluntary administration
Variation and termination of deed

239ADCTermination of deed

  1. A deed of company arrangement may be terminated—

  2. by the court under section 239ADD; or
    1. by a resolution of the creditors under section 239ADE; or
      1. automatically, if the deed specifies circumstances in which the deed will terminate, and those circumstances occur.

        1. The deed administrator must give written notice to the Registrar of the fact that a deed has been terminated under subsection (1)(a) or (c).

        Compare
        • Corporations Act 2001 s 445C (Aust)
        Notes
        • Section 239ADC: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).
        • Section 239ADC(2): inserted, on , by section 6 of the Companies Amendment Act (No 2) 2012 (2012 No 60).