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Deposit Takers Act 2023

Crisis management and resolution - Conduct of resolution - Resolution manager’s miscellaneous powers

310: Resolution manager may trace property improperly disposed of

You could also call this:

"Getting back property that was taken unfairly"

Illustration for Deposit Takers Act 2023

You can think of a resolution manager as a person who helps sort out problems with a deposit taker, like a bank. If someone gets property in a way that is not fair, the court can make an order to fix this. The court can say the property must be given to the resolution manager. The court can also say the person who got the property must pay the resolution manager the value of the property. The court has the power to make other orders to make sure its decisions are followed, and this is explained in section 311 as well.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS534977.

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309: Resolution manager may disclaim onerous property, or

"The resolution manager can reject company property that's causing trouble."

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311: Order may not deprive good-faith purchaser for value, or

"You keep what you paid for if you bought it fairly and didn't know about problems."

Part 7Crisis management and resolution
Conduct of resolution: Resolution manager’s miscellaneous powers

310Resolution manager may trace property improperly disposed of

  1. This section applies if—

  2. any property has been acquired by a person in circumstances where it is just and equitable that the person should hold it on trust for a licensed deposit taker in resolution; or
    1. any property has been improperly disposed of, whether or not the property has become subject to a trust.

      1. The court may, if it thinks fit, make an order—

      2. that the property be transferred or delivered to the resolution manager:
        1. that any person who acquired or received the property, or their administrator, pay to the resolution manager a sum not exceeding the value of the property.

          1. For the purpose of giving effect to the order, the court may make any further order that it thinks fit.

          2. This section and section 311 do not limit the Companies Act 1993.

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