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Receiverships Act 1993

22: Accounting records

You could also call this:

"Keeping track of money and transactions when you're in charge of someone else's property"

Illustration for Receiverships Act 1993

If you are a receiver, you must keep accounting records at all times. These records must correctly show all the money that comes in and goes out, and other transactions related to the property in receivership. You must keep these records in a way that explains everything clearly.

You must keep these accounting records for at least 6 years after the receivership ends. This means you will have them for a long time after everything is finished.

If you do not keep these accounting records correctly, you can get in trouble with the law. You might have to pay a fine of up to $10,000 if you are convicted of not following this rule, which was amended by the Insolvency Practitioners Regulation (Amendments) Act 2019.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM327729.

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22Accounting records

  1. A receiver must at all times keep accounting records that correctly record and explain the receipts, expenditure, and other transactions relating to the property in receivership.

  2. The accounting records must be retained for not less than 6 years after the receivership ends.

  3. A person who fails to comply with this section commits an offence and is liable on conviction to a fine not exceeding $10,000.

Notes
  • Section 22(3): inserted, on , by section 68 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).