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Receiverships Act 1993

4: Application

You could also call this:

"When the Receiverships Act 1993 applies to people in charge of managing companies"

Illustration for Receiverships Act 1993

This Act applies to you if you are a receiver appointed after it came into force. It also applies to you if you were already a receiver when the Act came into force, but there are some exceptions and modifications. You can find these exceptions in subsection (2), which talks about things like section 5, section 23, and section 24(1)(a).

When this Act applies to you as a receiver who was already holding office, some parts of the Act do not apply. For example, section 5 does not apply, except for some subsections. Also, section 23 and some parts of section 32 do not apply.

If you were a receiver before this Act came into force, you do not have to prepare a report for the period before the Act started, according to section 24(1)(a) and section 348(2) of the Companies Act 1955. You also do not have to give a report for a receivership that ended before the Act started, as stated in section 24(1)(b) and section 348(2) of the Companies Act 1955. Additionally, section 29 does not apply to receiverships that ended before the Act came into force.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM327705.

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5: Who may be appointed as receiver, or

"Who can be a receiver: a licensed insolvency practitioner who is allowed and not disqualified"

4Application

  1. This Act applies—

  2. to a receiver appointed after the coming into force of this Act; and
    1. with the exceptions and modifications specified in subsection (2), to a receiver holding office on the coming into force of this Act.

      1. In the application of this Act to a receiver holding office on the coming into force of this Act,—

      2. section 5 (except subsections (1)(e) and (2)) does not apply:
        1. section 23 does not apply:
          1. section 24(1)(a) does not require a receiver to prepare a report in relation to the period of 12 months specified in section 348(2) of the Companies Act 1955 that expires before the coming into force of this Act or that first expires after the commencement of this Act and the provisions of section 348(2) of that Act continue in force in relation to that period notwithstanding the repeal of Part 7 of that Act:
            1. section 24(1)(b) does not require a receiver to give a report in respect of a receivership that ended before the commencement of this Act and the provisions of section 348(2) of the Companies Act 1955 shall continue in force notwithstanding the repeal of Part 7 of that Act:
              1. section 29 does not apply in respect of a receivership that ended before the commencement of this Act:
                1. paragraphs (b) and (c) of subsection (1) and subsections (5) and (6) of section 32 do not apply.

                  Notes
                  • Section 4(2)(d): amended, on , by section 2 of the Receiverships Amendment Act 1994 (1994 No 14).