If you are a company that takes deposits from people without a licence, you are breaking the law. The court can choose a liquidator to take over your company if the Bank asks them to. This can happen if the court is satisfied that you are carrying on business as a deposit taker when you are not allowed to, which goes against the rules set out in the Companies Act 1993 and section 10 of this law.
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 It might be out of date or be missing some parts.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=LMS683109.
The court may, on the application of the Bank, appoint a liquidator for a body corporate that may be put into liquidation under or in accordance with the Companies Act 1993 if it is satisfied that the body corporate is carrying on business as a deposit taker in contravention of section 10.
