Plain language law

New Zealand law explained for everyone

Receiverships Act 1993

Local authorities and water organisations

Schedule 1AA: Transitional, savings, and related provisions

You could also call this:

"Rules for when law changes apply to receiverships"

Illustration for Receiverships Act 1993

The Receiverships Act 1993 has some special rules. These rules are about how some changes to the law apply. You need to know when these changes started. The changes apply to some derivatives that were set up before the changes started. They also apply to derivatives set up after the changes started.

Some words have special meanings in this part of the law. The "amendment Act" refers to Part 2 of the Insolvency Practitioners Regulation (Amendments) Act 2019. The "commencement date" is when a change to the law starts. "New" provisions are the updated laws, and "old" provisions are the laws before they were updated.

If a receivership was already under way before the changes started, the old rules still apply. Court orders about receiver appointments are still valid, even if the rules have changed. However, if someone is not eligible to be a receiver under the new rules, they cannot be appointed, even if a court order says they can.

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 It might be out of date or be missing some parts.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=LMS254073.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

42: Act subject to application of Cape Town Convention and Aircraft Protocol, or

"This law follows rules from the Cape Town Convention and Aircraft Protocol."

Next

Schedule 1: Modifications and exceptions that apply in relation to receivers of assets of local authorities, or

"Changes to the rules when a receiver manages a local authority's assets"

1AATransitional, savings, and related provisions Empowered by s 3A

1Provision relating to Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019

1Provision relating to security interest over collateral for qualifying derivative

  1. The amendments made by subpart 6 of Part 1 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 apply to—

  2. a qualifying derivative entered into before the commencement of this clause if, on that commencement, any obligations remain under or in relation to the derivative (whether the obligations are contingent or otherwise); and
    1. a qualifying derivative entered into on or after the commencement of this clause.

      Notes
      • Schedule 1AA clause 1: inserted, on , by section 30 of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Act 2019 (2019 No 46).

      2Provisions relating to Part 2 of Insolvency Practitioners Regulation (Amendments) Act 2019

      2Interpretation

      1. In this Part,—

        amendment Act means Part 2 of the Insolvency Practitioners Regulation (Amendments) Act 2019

          commencement date, in relation to a provision of this Act, means the date on which the provision is amended, replaced, repealed, or inserted by the amendment Act

            new, in relation to a provision of this Act, means the provision as amended, replaced, or inserted by the amendment Act

              old, in relation to a provision of this Act, means the provision as in force immediately before its amendment or repeal by the amendment Act.

              Notes
              • Schedule 1AA clause 2: inserted, on , by section 76(a) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).

              3Application of new provisions to insolvency engagements already under way

              1. The new provisions do not apply (and the old provisions continue to apply) in relation to a receivership under this Act for which a receiver was appointed before the commencement date.

              Notes
              • Schedule 1AA clause 3: inserted, on , by section 76(a) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).

              4Existing court orders relating to appointments continue to have effect

              1. This clause applies to each court order that—

              2. is made under old section 5(1) or old clause 6 of Schedule 1 and permits a person to be appointed as a receiver despite being a person described in old section 5(1)(e) to (l) or old clause 6(b) of Schedule 1; and
                1. is in force on the commencement date of the old provision under which the order is made.

                  1. Until the court order ceases to be in force, the order must be treated as if it were made under the new provision that replaces the old provision under which the court order is made.

                  2. However, the person is not eligible to be appointed as a receiver if the person is ineligible under any new provision for a reason that is not covered by the court order.

                  Notes
                  • Schedule 1AA clause 4: inserted, on , by section 76(a) of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).