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Companies Act 1993

Liquidations - Duties, rights, and powers of liquidators

274: Duty to identify and deliver property

You could also call this:

“Identifying and handing over company property during liquidation”

If your company is being closed down (liquidated), you have some important duties if you are or were a director or employee. You must tell the person in charge of closing the company (the liquidator) about any company property you have or control. You need to do this right away when the company starts being closed down. The liquidator might also ask you to give the property to them or to someone else they choose. They might even tell you to get rid of the property in a certain way. You must do what the liquidator asks as soon as they ask or within the time they give you. If you don’t do these things, you’re breaking the law. You could be punished as set out in section 373(3) of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321942.

Topics:
Business > Industry rules
Crime and justice > Criminal law
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Part 16 Liquidations
Duties, rights, and powers of liquidators

274Duty to identify and deliver property

  1. A present or former director or employee of a company in liquidation must,—

  2. forthwith after the company is put into liquidation, give the liquidator details of property of the company in his or her possession or under his or her control; and
    1. on being required to do so by the liquidator, forthwith or within such time as may be specified by the liquidator, deliver the property to the liquidator or such other person as the liquidator may direct, or dispose of the property in such manner as the liquidator may direct.

      1. A person who fails to comply with subsection (1) commits an offence and is liable on conviction to the penalty set out in section 373(3).