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Companies Act 1993

Liquidations - Duties, rights, and powers of liquidators

276: Remuneration of liquidators

You could also call this:

“How liquidators are paid for their work”

If you are a liquidator who is not an Official Assignee, you can charge a fair amount of money for doing your job and using your powers as a liquidator. This is true if you were appointed under section 241(2)(a) or (b). However, this is subject to section 284(1)(e).

If you are an Official Assignee appointed as a liquidator under section 241(2)(a), or if you are a liquidator appointed under section 241(2)(c), you will charge for your work in one of two ways. You will either charge the amount set by section 277, or you will charge based on the rate or rates described in that section. The court can change this if they decide to.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321946.

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Part 16 Liquidations
Duties, rights, and powers of liquidators

276Remuneration of liquidators

  1. Subject to section 284(1)(e), every liquidator, not being an Official Assignee, appointed under paragraph (a) or paragraph (b) of subsection (2) of section 241 is entitled to charge reasonable remuneration for carrying out his or her duties and exercising his or her powers as liquidator.

  2. Unless the court otherwise orders, every Official Assignee who is appointed a liquidator under paragraph (a) of subsection (2) of section 241 and every liquidator appointed under paragraph (c) of that subsection shall charge remuneration either—

  3. of an amount equal to the amount fixed under section 277; or
    1. at, or in accordance with, such rate or rates as may be prescribed under that section.

      Notes
      • Section 276(1): amended, on , by section 32 of the Companies Act 1993 Amendment Act 1994 (1994 No 6).