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Companies Act 1993

Liquidations - The process of liquidation

241AA: Restriction on appointment of liquidator by shareholders or board after application for court appointment served on company

You could also call this:

“Limits on who can appoint a liquidator after a court request is made”

If someone asks a court to appoint a liquidator for a company, there are some rules about who else can appoint a liquidator. After the court receives this request, the company’s shareholders or board can only appoint their own liquidator in two situations. They can do it within 10 working days after the company gets the court request. Or, if the court request came from a person the company owes money to, that person can agree to let the shareholders or board appoint a liquidator. These rules stop applying once the court makes a decision about the request to appoint a liquidator.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321680.

Topics:
Business > Industry rules
Business > Fair trading
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Part 16 Liquidations
The process of liquidation

241AARestriction on appointment of liquidator by shareholders or board after application for court appointment served on company

  1. This section applies if an application for the appointment of a liquidator under section 241(2)(c) has been filed and served on the company.

  2. A liquidator may be appointed under section 241(2)(a) or (b) only if—

  3. the liquidator is appointed within 10 working days after the application is served on the company; or
    1. if the application is made under section 241(2)(c)(iv), the creditor who filed the application consents to the appointment under section 241(2)(a) or (b).

      1. This section ceases to apply from the time that the court disposes of the application.

      Notes
      • Section 241AA: replaced, on , by section 31 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).