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Receiverships Act 1993

11: Vacancy in office of receiver

You could also call this:

"What happens when a receiver's job becomes empty"

Illustration for Receiverships Act 1993

If you are a receiver, your job can end in several ways. You can resign by giving written notice to the person who appointed you. Your job can also end if you die, become disqualified under section 5(2), or stop being a licensed insolvency practitioner who can act as a receiver for the property in receivership, as required by the Insolvency Practitioners Regulation Act 2019. If a receiver's job becomes vacant, the person who had the job must give public notice of the vacancy and tell the person who appointed them. You must do this as soon as possible. If the receiver was working with a company's property, they must also tell the Registrar about the vacancy by the end of the next working day. If you do not follow these rules, you can be fined up to $10,000. A receiver who was appointed by a court can resign by giving the court at least 7 days' notice. The court can also help a new receiver do their job by making any necessary orders.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM327717.

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"Tell people a receiver is in charge of an asset on related documents"

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11A: Provision of information and assistance to replacement receiver, or

"New receiver takes over, old receiver must help with information and documents."

11Vacancy in office of receiver

  1. The office of receiver becomes vacant if the person holding office—

  2. resigns in accordance with subsection (2); or
    1. dies; or
      1. becomes disqualified under section 5(2); or
        1. ceases to be a licensed insolvency practitioner who is permitted to act as a receiver for the property in receivership in accordance with the Insolvency Practitioners Regulation Act 2019.

          1. A receiver may resign office by giving not less than 7 days' written notice of his or her intention to resign to the person by whom the receiver was appointed.

          2. If a vacancy occurs in the office of receiver, the person vacating office must,—

          3. as soon as practicable,—
            1. give public notice of the vacancy; and
              1. give written notice of the vacancy to the person who appointed the receiver (unless the vacancy arose under subsection (1)(a)); and
              2. if the receiver held office in relation to the property of a company, give written notice of the vacancy, before the end of the next working day after the vacancy arose, to the Registrar (unless the vacancy arose under subsection (1)(d)).

                1. Repealed

                2. A receiver appointed by the court may resign office by giving not less than 7 days' notice of his or her intention to resign to the Registrar of the court that made the appointment.

                3. Repealed

                4. On the application of a person appointed to fill a vacancy in the office of receiver, the court may make any order that it considers necessary or desirable to facilitate the performance of the receiver's duties.

                5. Every person who fails to comply with subsection (3) commits an offence and is liable on conviction to a fine not exceeding $10,000.

                Notes
                • Section 11(1): replaced, on , by section 65(1) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
                • Section 11(3): replaced, on , by section 65(2) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
                • Section 11(4): repealed, on , by section 65(2) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
                • Section 11(6): repealed, on , by section 65(3) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
                • Section 11(8): amended, on , by section 65(4) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
                • Section 11(8): amended, on , by section 65(5) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).
                • Section 11(8): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).