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Companies Act 1993

Voluntary administration - Set-off and netting agreements

239AEP: Transactions under recognised multilateral netting agreement not affected by variation or revocation of declaration under section 310K

You could also call this:

“Changes to special agreements don't affect earlier transactions under recognised multi-party agreements”

If someone changes or cancels a special agreement under section 310K, it doesn’t affect how sections 239AEI to 239AEP are used for certain transactions. These transactions must be part of a recognised multilateral netting agreement. They also need to have been made before the agreement was changed or cancelled. This means that even if the agreement is changed or cancelled, the rules in sections 239AEI to 239AEP still apply to those earlier transactions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321657.

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Part 15A Voluntary administration
Set-off and netting agreements

239AEPTransactions under recognised multilateral netting agreement not affected by variation or revocation of declaration under section 310K

  1. The variation or revocation of a declaration under section 310K does not affect the application of sections 239AEI to 239AEP to any transaction—

  2. that is or was subject to a recognised multilateral netting agreement; and
    1. that was entered into before the variation or revocation of the declaration.

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