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Companies Act 1993

Liquidations - Transitional provisions

316B: Transitional provision in relation to Liquidation Surplus Account under section 290 of Companies Act 1955

You could also call this:

“Rules for handling unclaimed money from closed companies after law change”

When the Companies Act 1955 was cancelled, some changes happened to the money in the Liquidation Surplus Account. This account holds money that belongs to companies that have closed down, but hasn’t been claimed yet.

All the money that was in the old account (from the 1955 Act) was moved to a new account set up under section 316 of the new Companies Act 1993. This money is now treated as if it came from companies registered under the new Act.

The rules in section 316 of the new Act now apply to all the money that would have been covered by the old Act. This means that any unclaimed money from closed companies, whether they were registered under the old or new Act, is now handled in the same way under section 316.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM322823.

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Part 16 Liquidations
Transitional provisions

316BTransitional provision in relation to Liquidation Surplus Account under section 290 of Companies Act 1955

  1. On the repeal of the Companies Act 1955 by section 2 of the Companies Act Repeal Act 1993,—

  2. all money standing to the credit of the Liquidation Surplus Account established under section 290 of the Companies Act 1955 and representing unclaimed assets of an existing company is deemed to be money held in the Liquidation Surplus Account established under section 316, and that section applies as if the money represented unclaimed assets of a company registered under this Act; and
    1. section 316 applies to all money to which section 290 of the Companies Act 1955 would have applied if the Companies Act 1955 had been in force, and section 316 applies as if the money represented unclaimed assets of a company registered under this Act.

      Notes
      • Section 316B: inserted, on , by section 18 of the Companies Act 1993 Amendment Act 1997 (1997 No 27).