✨ Companies Winding-Up Rules
Nov. 20.] THE NEW ZEALAND GAZETTE. 3655
(2) The Court may from time to time appoint any one or more of the creditors or contributories to represent before the Court, at the expense of the company, all or any class of the creditors or contributories, upon any question or in relation to any proceedings before the Court, and may remove the person so appointed. If more than one person is appointed under this rule to represent one class, the persons appointed shall employ the same solicitor to represent them.
(3) No creditor or contributory shall be entitled to attend any proceedings in Chambers unless and until he has entered in a book, to be kept by the Registrar for that purpose, his name and address, and the name of his solicitor (if any), and an address for service not more than three miles from the registry, and upon any change of his address for service, or of his solicitor, his new address for service, and the name of his new solicitor.
- Where the attendance of the liquidator’s solicitor is required on any proceeding in Court or Chambers, the liquidator need not attend in person, except in cases where his presence is necessary in addition to that of his solicitor, or the Court directs him to attend.
LIQUIDATOR AND COMMITTEE OF INSPECTION.
- (1) The remuneration of a liquidator, unless the Court shall otherwise order, shall be fixed by the committee of inspection, and shall be in the nature of a commission or percentage on the amount on which the fee payable to the Public Account would have been computed if the Official Assignee had been the liquidator.
(2) If the Official Assignee is of opinion that the remuneration of a liquidator as fixed by the committee of inspection is unnecessarily large, the Official Assignee may apply to the Court, and thereupon the Court shall fix the amount of the remuneration of the liquidator.
(3) If there is no committee of inspection the remuneration of the liquidator shall, unless the Court shall otherwise order, be fixed by the scale of fees for the time being payable to the Public Account in respect of the services of the Official Assignee as liquidator.
(4) This rule shall only apply to a liquidator appointed in a winding-up by the Court.
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Except as provided by the Act or the rules, a liquidator shall not under any circumstances whatever, make any arrangement for, or accept from any solicitor, auctioneer, or any other person connected with the company of which he is liquidator, or who is employed in or in connection with the winding-up of the company, any gift, remuneration, or pecuniary or other consideration or benefit whatever beyond the remuneration to which under the Act and the rules he is entitled as liquidator, nor shall he make any arrangement for giving up, or give up any part of such remuneration to any such solicitor, auctioneer, or other person.
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Neither the liquidator nor any member of the committee of inspection of a company shall, while acting as liquidator or member of such committee, except by leave of the Court, either directly or indirectly, by himself or any employer, partner, clerk, agent, or servant, become purchaser of any part of the company’s assets. Any such purchase made contrary to the provisions of this rule may be set aside by the Court on the application of the Official Assignee in a winding-up by the Court or of any creditor or contributory in any winding-up, and the Court may make such order as to costs as the Court shall think fit.
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Where the liquidator carries on the business of the company, he shall not, without the express sanction of the Court, purchase goods for the carrying-on of such business from any person whose connection with him is of such a nature as would result in his obtaining any portion of the profit (if any) arising out of the transaction.
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No member of a committee of inspection shall, except under and with the sanction of the Court, directly or indirectly, by himself, or any employer, partner, clerk, agent, or servant, be entitled to derive any profit from any transaction arising out of the winding-up or to receive out of the assets any payment for services rendered by him in connection with the administration of the assets, or for any goods supplied by him to the liquidator for or on account of the company. In a winding-up by the Court if it appears to the Audit Office or in a voluntary winding-up if it appears to the committee of inspection or to any meeting of creditors or contributories
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VUW Te Waharoa —
NZ Gazette 1934, No 84
NZLII —
NZ Gazette 1934, No 84
✨ LLM interpretation of page content
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Companies (Winding-Up) Rules and Supreme Court (Companies) Rules
(continued from previous page)
⚖️ Justice & Law Enforcement20 November 1934
Rules, Companies, Winding-Up, Supreme Court, Order in Council, Proxies, Creditors, Contributories, Official Assignee, Liquidator