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Receiverships Act 1993

23: First report by receiver

You could also call this:

"The receiver must write a report about the property's condition within two months of being appointed."

Illustration for Receiverships Act 1993

When you are appointed as a receiver, you must prepare a report within two months. This report is about the state of the property in your care. You need to include information like what assets are part of the property, what debts need to be paid, and who the creditors are. You also need to say if anyone has a claim over the property and if the person who owns the property has given you all the information you need.

You also have to tell people what happened before you were appointed as the receiver. You need to say what property has been sold and what you plan to do with the rest of the property. You must include how much money is owed to certain people and how much money will be available to pay other creditors.

If you think including some information in the report would cause problems, you can leave it out. If you do not do what this section says, you can get in trouble and have to pay a fine of up to $10,000.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM327730.

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22: Accounting records, or

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

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24: Further reports by receiver, or

"Receiver must write a report every 6 months to update on their progress"

23First report by receiver

  1. Not later than 2 months after his or her appointment, a receiver must prepare a report on the state of affairs with respect to the property in receivership including—

  2. particulars of the assets comprising the property in receivership; and
    1. particulars of the debts and liabilities to be satisfied from the property in receivership; and
      1. the names and addresses of the creditors with an interest in the property in receivership; and
        1. particulars of any encumbrance over the property in receivership held by any creditor including the date on which it was created; and
          1. particulars of any default by the grantor in making relevant information available; and
            1. such other information as may be prescribed.

              1. The report must also include details of—

              2. the events leading up to the appointment of the receiver, so far as the receiver is aware of them; and
                1. property disposed of and any proposals for the disposal of property in receivership; and
                  1. amounts owing, as at the date of appointment, to any person in whose interests the receiver was appointed; and
                    1. amounts owing, as at the date of appointment, to creditors of the grantor having preferential claims; and
                      1. amounts likely to be available for payment to creditors other than those referred to in paragraph (c) or paragraph (d).

                        1. A receiver may omit from the report details of any proposals for disposal of the property in receivership if he or she considers that their inclusion would materially prejudice the exercise of his or her functions.

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

                        Notes
                        • Section 23(4): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).