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Companies Act 1993

Voluntary administration - Administrator's duty to file accounts and summary reports

239ACZA: Administrator must file updates to interests statement

You could also call this:

“Administrator must regularly update creditors about their interests”

When you are chosen as an administrator, you need to keep everyone informed about your interests. Every six months after you become the administrator, you have 20 working days to prepare and send an updated interests statement to all the creditors you know about. This statement needs to follow the rules set out in section 239APA.

You can make this updated statement in a way that works with your earlier statements. This means you don’t have to repeat everything each time, just show what’s new or different.

It’s important that you do this. If you don’t send these updates, you’re breaking the law. You could be found guilty of an offence and face a punishment. The punishment for this is explained in section 373(2) of the law.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS411361.

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Part 15A Voluntary administration
Administrator's duty to file accounts and summary reports

239ACZAAdministrator must file updates to interests statement

  1. An administrator must, within 20 working days after the end of each period of 6 months following the date on which the administrator was appointed, prepare and send to every known creditor an updated interests statement that complies with section 239APA.

  2. The updated interests statement may be in the form of a statement to be read in conjunction with previous interests statements and updates.

  3. A person who fails to comply with this section commits an offence and is liable on conviction to the penalty set out in section 373(2).

Notes
  • Section 239ACZA: inserted, on , by section 24 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).