You need to follow some rules when a licence is being transferred or a new one is issued. The Registrar will not register a transfer of a licence unless the transfer document says the company has recorded the transfer of shares to the new licence holder. The Registrar will also not register a new licence from a company to replace an existing one unless the old licence is cancelled and this cancellation is recorded. You can find more information about this by looking at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM271090. The Registrar has to make sure the old licence is no longer valid before issuing a new one. This is to ensure that all changes to licences are properly recorded.