Plain language law

New Zealand law explained for everyone

Companies Act 1993

Liquidations - Duties, rights, and powers of liquidators

277: Rates of remuneration

You could also call this:

“How liquidators' pay rates are set”

The Governor-General can make rules about how much liquidators get paid for their work. These rules are called regulations. The regulations can set different amounts or rates for different types of work that liquidators do.

The regulations can do a few things:

They can set hourly rates or other types of rates for the work. Different rates can be set for different kinds of people doing the work.

They can set rates based on how much money the liquidator gets from selling assets, plus other amounts.

They can set rates for doing specific jobs or using certain powers.

They can also set rates based on other things that the regulations specify.

These regulations are a type of law called secondary legislation. This means they need to follow certain rules about how they’re published, which you can find in Part 3 of the Legislation Act 2019.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM321948.

Topics:
Business > Industry rules
Business > Fair trading
Previous

276: Remuneration of liquidators, or

“How liquidators are paid for their work”

Next

278: Expenses and remuneration payable out of assets of company, or

“How liquidators are paid when closing a company”

Part 16 Liquidations
Duties, rights, and powers of liquidators

277Rates of remuneration

  1. The Governor-General may from time to time, by Order in Council, for the purposes of section 276, make regulations fixing an amount or prescribing a rate or rates in respect of the remuneration of liquidators to which that section applies.

  2. Without limiting subsection (1), such regulations may—

  3. prescribe an hourly or other rate or rates of remuneration and different rates may be prescribed in respect of work undertaken in the liquidation by different classes of persons:
    1. prescribe a rate or rates by reference to the net value of the assets realised by the liquidator, together with such other amounts as may be specified:
      1. prescribe a rate or rates in respect of the exercise of a particular function or power:
        1. prescribe a rate or rates by reference to such other criteria as may be specified.

          1. Regulations under this section are secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

          Notes
          • Section 277(3): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).