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Companies Act 1993

Voluntary administration - Variation and termination of deed

239ADE: Termination by creditors

You could also call this:

“How creditors can end a deed if its rules are seriously broken”

You and other creditors can end the deed if someone has seriously broken its rules and hasn’t fixed the problem. This can be done by voting at a special meeting.

At this meeting, you might also be able to choose someone to close down the company. But this is only possible if the invitation to the meeting mentions that you’ll be voting on this idea.

If you want to know more about the special meeting, you can check section 239ADF.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321615.

Topics:
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239ADD: Termination by court, or

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

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239ADF: Creditors' meeting to consider proposed variation or termination of deed, or

“Creditors can meet to discuss changing or ending a company's voluntary administration deed”

Part 15A Voluntary administration
Variation and termination of deed

239ADETermination by creditors

  1. The creditors, by a resolution passed at a meeting convened under section 239ADF, may terminate the deed if there has occurred a material breach of the deed that has not been rectified.

  2. The creditors may also appoint a liquidator if the notice of the meeting sets out a proposed resolution that a liquidator be appointed to the company.

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