Insolvency Act 1967 (Reprint as at 28 October 2005)
056
Commenced:
ANALYSIS
Analysis
Title
1 Short Title and commencement
2 Interpretation
3 Rights and powers under other Acts not affected
4 Act to bind Crown
1: The Court in bankruptcy
5 Jurisdiction and powers of Court
6 Powers of Registrars and District Court Judges
7 Questions of fact may be tried before jury
8 Rehearings and appeals
9 Effect of appeal
10 Court may extend time
11 Proceedings not annulled by defects
12 Solicitors' costs
13 Power to make rules
14 Regulations
2: The Official Assignee
15 Appointment of Official Assignee for New Zealand, etc
16 Assignee may act on behalf of another Assignee
17 Office and name of Assignee
18 Vacation of office
3: Proceedings up to adjudication
19 Acts of bankruptcy
20 Bankruptcy notice
21 Petition by debtor
22 Debtors' joint petition
23 Petition by creditor
24 Restrictions on execution
25 Where petitioner is a secured creditor
26 Court's power on creditor's petition
27 Court may appoint Assignee as receiver
28 Date of adjudication
28A Date of adjudication to be recorded
29 Registrar to give notice of adjudication to Assignee
30 Order of adjudication to be final
4: Proceedings consequent on adjudication
31 Assignee to advertise adjudication
32 Effect of adjudication on Court proceedings
33 Assignee to send notice to bankrupt
34 First meeting of creditors
34A Assignee may dispense with first meeting of creditors
35 Particulars to be supplied by Assignee
36 Further meetings
37 Conduct of meetings
38 Quorum at meetings
39 Representation at meetings
40 Voting at meetings
41 Appointment of expert or committee to assist Assignee
5: Property of bankrupt
42 Property passing to Assignee and commencement of bankruptcy
43 Loans by wife to husband, and by husband to wife
44 Restrictions on bankrupt dealing with property
45 Assignee may require bankrupt to contribute towards payment of debts
45A Court may order that money due to bankrupt be assigned to Assignee
45B Application of section 104 to payments by bankrupt or assignments by Court
46 Onus of proof in connection with default in payment
47 Protection of certain transactions against relation back
48 Validity of certain other transactions with bankrupt
49 Dealings with undischarged bankrupt: bank accounts
50 Rights of execution creditor and duties of sheriff
51 Assignment of money payable to dairy farmer in respect of sales of milk
52 Bankrupt allowed to retain furniture, tools of trade, etc
53 Assignee may make allowance to bankrupt
54 Voidable gifts
55 Proceedings where bankrupt has improved property of another person
56 Voidable preferences
57 Voidable securities
58 Assignee may recover property or value thereof
59 Procedure on second bankruptcy
6: Control over person and property of debtor
60 General duties of bankrupt
61 Bankrupt to give up books, etc, to Assignee and to make out statements of financial position, etc
62 Prohibition of bankrupt entering business
63 Court may order debtor to be arrested
64 Court may order debtor's property to be seized
65 Seizure of bankrupt's property
66 Bankrupt refusing to quit tenement
67 Redirection to Assignee of letters of bankrupt
68 Assignee may examine persons respecting bankrupt or his property
68A Assignee may obtain documents
69 If Assignee or creditors desire it, bankrupt to be publicly examined
70 Privilege and representation of witnesses
7: Administration of bankrupt's estate
71 Assignee's general powers
72 Power of Assignee to sell
73 No lien over bankrupt's books, etc
74 Assignee may exercise bankrupt's right to transfer stock, etc
75 Disclaimer of onerous property other than shares
76 Termination of contracts
77 Termination of a contract otherwise than by Assignee
78 Disclaimer of liability under shares
79 Liability for rent charge on bankrupt's land after disclaimer
80 Assignee's duties in respect of land subject to a mortgage
81 Banking and investment of money received by Assignee
82 Bankruptcies involving partnerships
83 Bankruptcy discharges liability of bankrupt and certain employees
84 Discretion of Assignee
85 Assignee may obtain directions of Court
86 Appeal from decision of Assignee
8: Proofs of debt
87 Provable debts
88 Creditors to prove upon adjudication
89 Assignee to examine proofs and admit or reject
90 Proof by secured creditors
91 Goods on hire purchase
92 Trade discounts
93 Set-off
93A Definitions relating to set-off under netting agreement
93B Application of set-off under netting agreement
93C Calculation of netted balance
93D Mutuality required for transactions under bilateral netting agreements
93E When mutuality required for transactions under recognised multilateral netting agreements
93F Application of set-off under section 93 to transactions subject to netting agreements
93G Transactions under netting agreement and voidable preferences
93H Set-off under netting agreement not affected by notice under section 58
93I Disclaimer of onerous property and termination of netting agreement not permitted
94 Interest
95 Debt payable at future time
96 Debt owing on invalid security
97 Bankrupt liable as a member of several firms
98 Assignee to estimate value of contingent debt
99 Appeal against estimate of value
100 Right of judgment creditor to prove for costs
101 When company may prove for unpaid calls
102 Saving of provisions of Companies Acts
103 When a surety for bankrupt may prove
9: Distribution of assets
104 Priorities
105 Assignee to declare dividends as soon as possible
106 Rights of creditors of joint debtor
10: Discharge
107 Discharge of bankrupt
108 Bankrupt may apply for discharge
109 Examination of bankrupt concerning his discharge
110 Court may grant or refuse discharge
111 Court may order bankrupt not to engage in business after discharge
112 Court may reverse order of discharge
113 Absolute discharge where failure to comply with conditions
114 Debts from which discharge releases bankrupt
115 Discharge conclusive evidence of bankruptcy
116 Discharge not to release partners, co-trustees, etc
117 Discharged bankrupt to assist Assignee
118 Publication of information regarding bankrupt's discharge
11: Annulment
119 When Court may annul adjudication
120 Effect of annulment
12: Composition during bankruptcy
121 Composition with creditors
122 Approval of compositions by Court
123 Deed of composition
124 Enforcement of composition
125 General provisions affecting compositions
13: Offences
126 Crimes by bankrupt
127 Failure to keep proper books of account
128 Summary offences
128A Offences by undischarged bankrupts in relation to management of companies
129 When Assignee's duty to prosecute
14: Miscellaneous provisions affecting bankruptcy
130 Bankrupt a contractor jointly with other persons
131 Right to inspect documents
132 Assignees to keep proper books of account
132A Auditor-General may audit Assignee's accounts
133 Assignee to apply for order of release
134 Surplus to be paid to Public Trust
135 High Court to act in aid of overseas courts
136 Power of Assignee to return or destroy books
137 Where bankrupt dies after adjudication
138 Protection of Assignee
15: Proposals
139 Interpretation
140 Proposals
141 Provisional trustee
142 Meeting of creditors
143 Approval of proposal by Court
144 Effect of approval by Court and duty of trustee
145 Cancellation or variation of proposal
16: Summary instalment orders
146 Power to make summary instalment orders
147 Notice of order and proof of debt
148 Effect of summary instalment order
149 Disbursement of money paid by debtor
150 Default under summary instalment order
151 Offence in respect of obtaining credit
152 Rules
17: Administration of insolvent deceased estates
153 Interpretation
154 Applications to administer under this Part
155 Application by creditor or beneficiary
156 Notice of application under section 155
157 Jurisdiction of Court
158 Court may order estate to be administered by Official Assignee or Public Trust
159 Effect of such an order
160 Power of Public Trust or Maori Trustee in regard to insolvent estates
161 Court to have jurisdiction of Court in bankruptcy
162 Provisions as to administration of estates
163 Saving of acts done, etc, before order made
18: Miscellaneous provisions affecting insolvency
164 False or misleading statements and refusal to answer questions
165 Documents exempt from duty
166 Remuneration of Assignees
166A Rates of remuneration
167 Payment of disbursements relating to certain advertisements and postages
168 Corporation, etc, not subject to Act
169 Transitional provision
170 Consequential amendments
171 Repeals and saving
Schedule(s)
1 FIRST: Enactments repealed
Amending Act/Rule(s)
1 Insolvency Amendment Act 1990
2 Property (Relationships) Amendment Act 2001
Index