Act In force Latest version as at 03 September 2007 (as enacted) | 1999 No 19 | Administered by Ministry of Business, Innovation, and Employment

Companies Amendment Act 1999

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Liability of shareholders

Commencement of liquidation

Commencement of liquidation to be recorded

Interim liquidator

Other duties of liquidator

Power to disclaim onerous property

Transactions having preferential effect

Voidable charges

Transactions at undervalue

Transactions for inadequate or excessive consideration with directors and certain other persons

Ascertainment of amount of claim

Claims relating to debts payable after commencement of liquidation

Mutual credit and set-off

New sections inserted

Interest on claims

Schedule 7 amended

Volunteers Employment Protection Act 1973 amended

Customs and Excise Act 1996 amended

Companies Amendment Act 1999

Public Act	1999 No 19
Date of assent	26 April 1999

Contents

An Act to amend the Companies Act 1993

BE IT ENACTED by the Parliament of New Zealand as follows:

1 Short Title

This Act may be cited as the Companies Amendment Act 1999, and is part of the Companies Act 1993 (“the principal Act”).

2 Liability of shareholders

(1) This subsection substituted s 98(6)(a) of the principal Act.
(2) Section 98(6) of the principal Act was amended as follows—
- (a) This paragraph amended s 98(6)(b) of the principal Act.
- (b) This paragraph amended s 98(6)(c) of the principal Act.

3 Commencement of liquidation

This section substituted s 241(5) of the principal Act.

4 Commencement of liquidation to be recorded

This section inserted section 241A of the principal Act.

5 Interim liquidator

This section inserted s 246(4) to (6) of the principal Act.

6 Other duties of liquidator

Section 255(2) of the principal Act is amended—
- (a) This paragraph amended s 255(2)(a)(ii) of the principal Act.
- (b) This paragraph amended s 255(2)(d) of the principal Act.

7 Power to disclaim onerous property

This section substituted s 269(2) of the principal Act.

8 Transactions having preferential effect

(1) This subsection substituted s 292(5)(a) of the principal Act.
(2) Section 292(5) of the principal Act is amended—
- (a) This paragraph amended s 292(5)(b) of the principal Act.
- (b) This paragraph amended s 292(5)(c) of the principal Act.
(3) This subsection substituted s 292(6)(a) of the principal Act.
(4)
- (a) This paragraph amended s 292(6)(b) of the principal Act.
- (b) This paragraph amended s 292(6)(c) of the principal Act.

9 Voidable charges

(1) This subsection substituted s 293(6)(a) of the principal Act.
(2)
- (a) This paragraph amended s 293(6)(b) of the principal Act.
- (b) This paragraph amended s 293(6)(c) of the principal Act.
(3) This subsection substituted s 293(7)(a) of the principal Act.
(4)
- (a) This paragraph amended s 293(7)(b) of the principal Act.
- (b) This paragraph amended s 293(7)(c) of the principal Act.

10 Transactions at undervalue

(1) This subsection substituted s 297(3)(b)(i) of the principal Act.
(2) Section 297(3)(b) of the principal Act is amended—
- (a) This paragraph amended s 297(3)(b)(ii) of the principal Act.
- (b) This paragraph amended 297(3)(b)(iii) of the principal Act.

11 Transactions for inadequate or excessive consideration with directors and certain other persons

(1) This subsection substituted s 298(4)(a) of the principal Act.
(2) Section 298(4) of the principal Act is amended—
- (a) This paragraph amended s 298(4)(b) of the principal Act.
- (b) This paragraph amended s 298(4)(c) of the principal Act.

12 Ascertainment of amount of claim

This section amended s 306(1) of the principal Act.

13 Claims relating to debts payable after commencement of liquidation

This section amended s 309(1) of the principal Act.

14 Mutual credit and set-off

(1) This subsection substituted s 310(6)(a) of the principal Act.
(2) Section 310(6) of the principal Act is amended—
- (a) This paragraph amended s 310(6)(b) of the principal Act.
- (b) This paragraph amended s 310(6)(c) of the principal Act.
(3) This subsection substituted s 310(7)(a) of the principal Act.
(4)
- (a) This paragraph amended s 310(7)(b) of the principal Act.
- (b) This paragraph amended s 310(7)(c) of the principal Act.

15 New sections inserted

This section inserted sections 310A to 310O of the principal Act.

16 Interest on claims

This section amended s 311(1) and (3) of the principal Act.

17 Schedule 7 amended

[Repealed]

Section 17 was repealed, as from 1 April 2004, by section 16 Volunteers Employment Protection Amendment Act 2004 (2004 No 12).

18 Volunteers Employment Protection Act 1973 amended

This section amended s 15(1)(b) of the Volunteers Employment Protection Act 1973.

19 Customs and Excise Act 1996 amended

This section amended s 99(2)(b) of the Customs and Excise Act 1996.