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New Zealand Legislation: Acts

Acts are laws made by Parliament

Insolvency Amendment Act 2009

Public Act	2009 No 52
Date of assent	16 November 2009
Commencement	see section 2

Contents

3 Principal Act amended

Part 1
Amendments to Insolvency Act 2006

Insolvent gifts

4 New sections 204 and 205 substituted

204 Insolvent gift within 2 years may be cancelled

205 Insolvent gift within 2 to 5 years may be cancelled if bankrupt unable to pay debts

5 Limits on recovery

6 When Assignee may recover difference

No asset procedure

7 Criteria for entry to no asset procedure

8 Effect of termination

10 New section 377A inserted

377A Effect of discharge

11 New section 377B inserted

377B Discharge does not release partners and others

Public registers

12 Purposes of public registers

13 General information that must be held in public registers

14 New section 449A inserted

449A Information kept indefinitely on public register after multiple insolvency events

15 Search criteria

16 Search purposes

Part 2
Transitional provisions and amendment to Privacy Act 1993

Insolvent gifts

17 Amendments relating to insolvent gifts apply only to bankruptcies commenced after Act comes into force

Which debts are cancelled on discharge from no asset procedure

18 Amendments relating to cancellation of fraudulent debts under no asset procedure

Public registers

19 Amendments relating to 4-year period for public registers apply to all debtors admitted to no asset procedure after Act comes into force

20 Amendments relating to retention of records if multiple insolvency events

Amendment to Privacy Act 1993

21 Schedule 2 of Privacy Act 1993 amended

Legislative history

The Parliament of New Zealand enacts as follows: