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Companies Act 1993

Voluntary administration - Administrator's liability and indemnity for debts of administration

239ADG: Administrator not liable for company's debts except as provided in this subpart and in section 239Y

You could also call this:

“Administrator's limited responsibility for company debts”

If you are put in charge of running a company that is having financial problems, you don’t have to pay for the company’s debts out of your own pocket. There are only two situations where you might have to pay:

  1. If it says so in this part of the law
  2. If it says so in another part of the law called section 239Y

Apart from these two situations, you won’t be responsible for paying the company’s debts yourself.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321618.

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239ADH: Administrator liable for general debts, or

“Administrator must pay for debts incurred while managing the company”

Part 15A Voluntary administration
Administrator's liability and indemnity for debts of administration

239ADGAdministrator not liable for company's debts except as provided in this subpart and in section 239Y

  1. The administrator is not liable for the debts of the company except as provided in this subpart and in section 239Y.

Compare
  • Corporations Act 2001 s 443C (Aust)
Notes
  • Section 239ADG: inserted, on , by section 6 of the Companies Amendment Act 2006 (2006 No 56).