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New Zealand law explained for everyone

Companies Act 1993

Liquidations - Creditors' claims

303: Admissible claims

You could also call this:

“Types of claims that can be made when a company is being liquidated”

When a company is being liquidated, you can make a claim against it for different types of debts or liabilities. These can be debts that are owed now or will be owed in the future. They can be debts that are certain or ones that might happen. The claim can be for a specific amount of money or for damages.

However, there are some things you can’t claim in a liquidation. You can’t claim for fines, monetary penalties, sentences of reparation, orders, or costs that are covered in section 308. These are not allowed as claims against a company that is being liquidated.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM322326.

Topics:
Business > Industry rules
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“Rules for handling debts when a company can't pay and is being shut down”

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304: Claims by unsecured creditors, or

“How unsecured creditors can claim money from a company in liquidation”

Part 16 Liquidations
Creditors' claims

303Admissible claims

  1. Subject to subsection (2), a debt or liability, present or future, certain or contingent, whether it is an ascertained debt or a liability for damages, may be admitted as a claim against a company in liquidation.

  2. Fines, monetary penalties, sentences of reparation, orders, and costs to which section 308 applies are not claims that may be admitted against a company in liquidation.

Notes
  • Section 303: replaced, on , by section 34 of the Companies Act 1993 Amendment Act 1994 (1994 No 6).
  • Section 303(2): amended, on , by section 24 of the Statutes Amendment Act 2018 (2018 No 27).