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Companies Act 1993

Liquidations - The process of liquidation

242: Liquidators to act jointly unless otherwise stated

You could also call this:

“Liquidators must work together unless given permission to act independently”

If more than one person is chosen to be a liquidator for a company, they must work together. This means they have to make decisions and do their job as a team. However, there are some cases where they might be allowed to work separately. This can happen if the company’s shareholders vote for it in a special way, if the company’s board decides it, or if a court says it’s okay. In these situations, the liquidators might be able to use their powers on their own, without having to agree with the others every time.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321683.

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

242Liquidators to act jointly unless otherwise stated

  1. Where 2 or more persons are appointed as liquidators of a company, those persons must act jointly unless the special resolution of shareholders or the resolution of the board of the company or the order of the court appointing the liquidators states that the liquidators may exercise their powers individually.