Rules for Winding Up Companies




Dec. 8.] THE NEW ZEALAND GAZETTE. [1493

office, then at the Supreme Court office nearest to the place where the principal or last-known principal place of business, as the case may be, of such company is or was situated.

  1. Every such petition shall, unless presented by the company, be served at the registered office, if any, of the company, and if there be no registered office, then at the principal or last-known principal place of business of the company, if any such can be found, upon any member, officer, or servant of the company there; or in case no such member, officer, or servant can be found there, then by being left at such registered office or principal place of business, or by being served on such member or members of the company as the Court may direct; and every petition for the winding-up of a company subject to the supervision of the Court shall also be served upon the liquidator (if any) appointed for the purpose of winding up the affairs of the company.

  2. Every petition for the winding-up of any company by the Court, or subject to the supervision of the Court, shall be verified by an affidavit referring thereto in the form or to the effect set forth in Form 2 in the Third Schedule hereto. Such affidavit shall be made by the petitioner, or by one of the petitioners, if more than one, or, in case the petition is presented by the company, by some director, secretary, or other principal officer thereof; and shall be sworn after and filed within four days after the petition is presented: and such affidavit shall be sufficient prima facie evidence of the statements in the petition.

  3. Every contributory or creditor of the company shall be entitled to be furnished by the petitioner or his solicitor (if any) with a copy of the petition within twenty-four hours after requiring same, on paying at the rate of sixpence per folio of seventy-two words for such copy.

Order to wind up Company.

  1. Every order for the winding-up of a company by the Court, or subject to its supervision, shall, within twelve days after the date thereof, be advertised by the petitioner once in the Gazette, and shall be served upon such persons, if any, and in such manner as the Court may direct.

  2. Within ten days after an order for winding-up a company shall have been made, the petitioner shall take out a summons to proceed with such winding-up; and if, at the expiration of such period of ten days, the petitioner shall have neglected to take out such summons, any other person interested in the winding-up may do so, and the Judge may, if he thinks fit, give the carriage and prosecution of the order to such person.

Every such summons shall be served upon all parties who may have appeared upon the hearing of the petition.

Upon the return of such summons a time shall, if the Judge think fit, be fixed for the appointment of an Official Liquidator, and for the proof of debts, and for the list of contributories to be brought in; and directions may be given as to the advertisements to be issued for all or any of such purposes, and generally as to the proceedings and the parties to attend thereon. The proceedings under the order shall be continued by adjournment, and, when necessary, by further summons; and any such directions as aforesaid may be given, added to, or varied at any subsequent time, as may be found necessary.

Official Liquidator.

  1. The Judge may appoint a person to the office of Official Liquidator, without previous advertisement or notice to any party, or fix a time and place for the appointment of an Official Liquidator, and may appoint or reject any person nominated at such time and place, and appoint any person not so nominated.

  2. When a time and place are fixed for the appointment of an Official Liquidator such time and place shall be advertised in such manner as the Judge shall direct, so that the first or only advertisement shall be published within fourteen days and not less than seven days before the date so fixed.

  3. Every Official Liquidator shall give security by entering into a bond to Her Majesty the Queen with two or more sufficient sureties in such sum as the Judge may approve; and the Judge may, if he shall think fit, accept the security of any guarantee company or society carrying on business in the colony in lieu of the security of such sureties as aforesaid or of any of them.

  4. The Official Liquidator shall be appointed by order; and, unless he shall have given security, a time shall be fixed by such order within which he is to do so; and the order shall fix the times or periods at which the Official Liquidator is to leave his accounts of his receipts and payments at the Supreme Court office, and shall direct that all moneys to be received shall be paid into such bank as the Judge may direct, immediately after the receipt thereof, to the account of the Official Liquidator of the company; and an account shall be opened there accordingly, and an office copy of the order shall be lodged in such bank.

  5. When an Official Liquidator has given security pursuant to the directions in the order appointing him, the same shall be certified by the Registrar, as in the case of a receiver appointed in a cause subject to giving security.

  6. The Official Liquidator shall, on each occasion of passing his account, and also whensoever the Judge may so require, satisfy the Judge that his sureties are living and resident in the colony, and have not been adjudged bankrupt; and in default thereof he may be required to enter into fresh security within such time as shall be directed.

  7. Every appointment of an Official Liquidator shall be advertised, in such manner as the Judge shall direct, immediately after he has been appointed and has given security.

  8. Where it is desired to appoint provisionally an Official Liquidator, an application for that purpose may, at any time after the presentation of the petition for winding up the company, be made by summons, without advertisement or notice to any person, unless the Judge shall otherwise direct; and such Provisional Official Liquidator may, if the Judge shall think fit, be appointed without security.

  9. In case of the death, removal, or resignation of an Official Liquidator another shall be appointed in his room, in the same manner as directed in the case of a first appointment; and the proceedings for that purpose may be taken by such party interested as may be authorised by the Judge to take the same.

  10. The Official Liquidator shall, with all convenient speed after he is appointed, proceed to make up, continue, complete, and rectify the books of account of the company; and shall provide and keep such books of account as shall be necessary, or as the Judge may direct, for the purposes aforesaid, and for showing the debts and credits of the company, including a ledger, which shall contain the separate accounts of the contributories, and in which every contributory shall be debited from time to time with the amount payable by him in respect of any call to be made as provided by the said Act and these rules.

  11. The Official Liquidator shall be allowed in his accounts, or otherwise paid, such salary or remuneration as the Judge may from time to time direct, including any necessary employment of assistants or clerks by the Official Liquidator, to which regard shall be had; and such salary or remuneration may either be fixed at the time of his appointment or at any time thereafter as the Judge may think fit.

Every allowance of such salary or remuneration, unless made at the time of his appointment, or upon passing an account, shall be made upon application for that purpose by the Official Liquidator, on notice to such persons, if any, and supported by such evidence, as the Judge shall require. Nevertheless the Judge may from time to time allow any sum he may think fit to the Official Liquidator on account of the salary or remuneration to be thereafter allowed.

  1. The accounts of the Official Liquidator shall be left at the Supreme Court office at the times directed by the order appointing him, and at such other times as may from time to time be required by the Judge; and such accounts shall, upon notice to such parties, if any, as the Judge shall direct, be passed and verified in the same manner as receivers’ accounts.

Proof of Debts.

  1. For the purpose of ascertaining the debts and claims due from the company, and of requiring the creditors to come in and prove their debts or claims, an advertisement shall be issued, at such time as the Judge shall direct; and such advertisement shall fix a time for the creditors to send their names and addresses, and the particulars of their debts or claims, and the names and addresses of their solicitors, if any, to the Official Liquidator, and appoint a day for adjudicating thereon.

  2. The creditors need not attend upon the adjudication, nor prove their debts or claims, unless they are required to do so by notice from the Official Liquidator; but, upon such notice being given, they are to come in and prove their debts or claims within a time to be therein specified.

  3. The Official Liquidator shall investigate the debts and claims sent into him, and ascertain, so far as he is able, which of such debts and claims are justly due from the company; and he shall make out, and leave at the Supreme Court office, a list of all the debts and claims sent in to him, distinguishing which of the debts and claims, or parts of debts and claims, so claimed are, in his opinion, justly due and proper to be allowed without further evidence, and which of them, in his opinion, ought to be proved by the creditors; and he shall make and file, prior to the time appointed for adjudication, an affidavit setting forth which of the debts and claims, in his opinion, are justly due and proper to be allowed without further evidence, and stating his belief that such debts and claims are justly due and proper to be allowed, and the reasons for such belief.

  4. At the time appointed for adjudicating upon the debts and claims, or at any adjournment thereof, the Judge may either allow the debts and claims upon the affidavit of the



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Online Sources for this page:

VUW Te Waharoa PDF NZ Gazette 1887, No 76





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⚖️ Rules for Winding Up Companies (continued from previous page)

⚖️ Justice & Law Enforcement
28 November 1887
Supreme Court, Companies Act, Winding Up, Rules, Liquidator, Official Liquidator, Debts, Claims, Adjudication