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Receiverships Act 1993

11A: Provision of information and assistance to replacement receiver

You could also call this:

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

Illustration for Receiverships Act 1993

If a new receiver takes over, they need information to do their job. The old receiver must give them the information they need, like accounting records and documents about the property. The old receiver must also help the new receiver if they need it. If the old receiver does not give the new receiver the information or help they need, they can get a fine of up to $10,000. You can find more about the law that changed this rule in 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=LMS412586.

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11AProvision of information and assistance to replacement receiver

  1. This section applies if a replacement receiver is appointed.

  2. The previous receiver must, where practicable, provide to the replacement receiver the information that the previous receiver has in their possession or under their control and that the replacement receiver reasonably requires to carry out the functions and duties of receiver, including any accounting records and other documents relating to the property in receivership.

  3. The previous receiver must, where practicable, provide to the replacement receiver any assistance that the replacement receiver reasonably requires to carry out the functions and duties of receiver.

  4. A person who fails to comply with subsection (2) or (3) commits an offence and is liable on conviction to a fine not exceeding $10,000.

Notes
  • Section 11A: inserted, on , by section 66 of the Insolvency Practitioners Regulation (Amendments) Act 2019 (2019 No 28).