Plain language law

New Zealand law explained for everyone

Receiverships Act 1993

24: Further reports by receiver

You could also call this:

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

Illustration for Receiverships Act 1993

If you are a receiver, you must prepare a report on the receivership every 6 months after you are appointed. You have 2 months to prepare this report after the 6-month period ends. You must include in the report the information that is prescribed by regulations made under section 395(1)(cba) of the Companies Act 1993.

When you prepare a report, you can leave out details about plans to sell property if you think including them would hurt your ability to do your job. If you do not prepare a report when you are supposed to, you can be charged with an offence and fined up to $10,000.

If the receivership ends, the person who was the receiver at the end must prepare a final report within 2 months after the end of the receivership, and this report must also follow the same rules as the other reports.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM327731.

Topics:
Business > Industry rulesMoney and consumer rights > Banking and loans
Previous

23: First report by receiver, or

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

Next

24A: Summary report by receiver, or

"A receiver must write a report after finishing their job and give it to the Registrar."

24Further reports by receiver

  1. The receiver must, not later than 2 months after the end of each period of 6 months after the receiver’s appointment, prepare a further report on the receivership.

  2. A person who was a receiver at the end of the receivership must, not later than 2 months after the end of the receivership, prepare a further report on the receivership.

  3. Each report prepared under this section must contain the information prescribed for the purpose of this section by regulations made under section 395(1)(cba) of the Companies Act 1993.

  4. A receiver preparing a report under subsection (1) may exclude from the report details of any proposals for disposal of property in receivership if the receiver considers that their inclusion would materially prejudice the exercise of the receiver’s functions.

  5. 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 24: replaced, on , by section 69 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).