Plain language law

New Zealand law explained for everyone

 Plain Language Law homepage
Back to
330: Restoration to register
or “How companies can be put back on the register after being removed”
You could also call this:

“Company gets back property when restored to register, with some exceptions”

When a company is put back on the New Zealand register, it usually gets back any property that was given to the Crown when the company was removed. This happens as if the company was never taken off the register.

However, there are some cases where the company doesn’t get the property back. If the court has already ordered the Crown to pay someone else for that property, the company won’t get it back. Also, if the property is land and the Crown has officially registered it as theirs, the company won’t automatically get it back.

If the land has been registered to the Crown, the company can ask the court for help. The court might order the land to be given back to the company. Or, the court might tell the Crown to pay the company instead. This payment would be based on how much the land was worth when the Crown registered it, or how much the Crown got if they sold it.

The court can decide how much the land is worth if they need to. If the court orders the Crown to pay the company, the money will come from a Crown Bank Account without needing any extra approval.

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 It might be out of date or be missing some parts.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

Next up: 332: Meaning of carrying on business

or “What counts as an overseas company doing business in New Zealand”
Next

Part 17 Removal from the New Zealand register

331Vesting of property in company on restoration to register

  1. Subject to this section, property of a company that is, at the time the company is restored to the New Zealand register, vested in the Crown pursuant to section 324, shall, on the restoration of the company to the New Zealand register, vest in the company as if the company had not been removed from the register.

  2. Nothing in subsection (1) applies to any property vested in the Crown pursuant to section 324 if the court has made an order for the payment of compensation to any person pursuant to section 324(4)(b) in respect of that property.

  3. Nothing in subsection (1) applies to land or any estate or interest in land that has vested in the Crown pursuant to section 324 if transmission to the Crown of the land or that estate or interest in land has been registered under the Land Transfer Act 2017.

  4. Where transmission to the Crown of land or any estate or interest in land that has vested in the Crown pursuant to section 324 has been registered under the Land Transfer Act 2017, the court may, on the application of the company, make an order—

  5. for the transfer of the land or the estate or interest to the company; or
    1. for the payment by the Crown to the company of compensation—
      1. of an amount not greater than the value of the land or the estate or interest as at the date of registration of the transmission; or
        1. if the land or the estate or interest has been sold or contracted to be sold, of an amount equal to the net amount received or receivable from the sale.

        2. On an application under subsection (4), the court may decide any question concerning the value of the land or the estate or interest.

        3. Compensation ordered to be paid under subsection (4) shall be paid out of a Crown Bank Account without further appropriation than this section.

        Compare
        • 1955 No 63 s 337
        Notes
        • Section 331(3): amended, on , by section 250 of the Land Transfer Act 2017 (2017 No 30).
        • Section 331(4): amended, on , by section 250 of the Land Transfer Act 2017 (2017 No 30).
        • Section 331(6): amended, on , pursuant to section 65R(3) of the Public Finance Act 1989 (1989 No 44).