Schedule 9 Liquidation of overseas companies

ss 341(2), 342(1)

Schedule 9 heading: amended, on 24 July 2008, by section 13 of the Insolvency (Cross-border) Act 2006 (2006 No 57).

1 Modified application of Part 16

Part 16 applies to the liquidation of an overseas company, with the following modifications and exclusions:

(a)
[Repealed]

(b)

references to a company are to be taken as references to an overseas company:

(c)

references to removal from the New Zealand register are to be taken as references to ceasing to carry on business in New Zealand:

(d)

the following provisions of that Part do not apply to such a liquidation:

(e)
[Repealed]

(f)

section 257 applies to such a liquidation, but instead of making the statement required by subsection (1)(a)(ii)(C) of that section, the liquidator must state that the company has ceased to carry on business in New Zealand and is ready to be removed from the overseas register.

Schedule 9 clause 1: amended, on 24 July 2008, by section 13 of the Insolvency (Cross-border) Act 2006 (2006 No 57).

Schedule 9 clause 1(a): repealed, on 24 July 2008, by section 13 of the Insolvency (Cross-border) Act 2006 (2006 No 57).

Schedule 9 clause 1(e): repealed, on 24 July 2008, by section 13 of the Insolvency (Cross-border) Act 2006 (2006 No 57).

2 Rights of action not affected

Nothing in this Act excludes the right of a creditor of an overseas company in relation to which a liquidator has been appointed—

(a)

to bring proceedings outside New Zealand against the overseas company in relation to a debt not claimed in the liquidation or the balance of a debt remaining unpaid after the completion of a liquidation; or

(b)

to bring an action in New Zealand in relation to the balance of a debt remaining unpaid after the completion of a liquidation.

Schedule 9 clause 2: amended, on 24 July 2008, by section 13 of the Insolvency (Cross-border) Act 2006 (2006 No 57).