Insolvency (Cross-border) Act 2006

1: Title
This Act is the Insolvency (Cross-border) Act 2006.
2: Commencement
1: This Act comes into force on a date to be appointed by the Governor-General by Order in Council; and 1 or more orders may be made bringing different provisions into force on different dates.
2: An order under this section is secondary legislation ( see Part 3 OIC — SR 2008/171 2008-07-24 High Court Amendment Rules (No 4) 2007 Rule 2(3) of the above is brought into force upon commencement of this Act. Certain sections of SR 2007/325 (High Court Amendment Rules No 4) are also brought into force upon commencement of this Act. The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 2 brought into force 24 July 2008 Insolvency (Cross-border) Act Commencement Order 2008 Section 2(2) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
3: Purpose
The purpose of this Act is to—
a: implement the Model Law on Cross-Border Insolvency adopted by the United Nations Commission on International Trade Law on 30 May 1997, and approved by the General Assembly of the United Nations on 15 December 1997, (amended and supplemented in order to apply to New Zealand) in New Zealand; and
b: provide a framework for facilitating insolvency proceedings when—
i: a person is subject to insolvency administration (whether personal or corporate) in 1 country, but has assets or debts in another country; or
ii: more than 1 insolvency administration has commenced in more than 1 country in relation to a person.
4: Interpretation
In this Act,— insolvency proceeding Minister
5: Further provision relating to interpretation
1: In interpreting this Act, reference may be made to—
a: the Model Law on Cross-Border Insolvency adopted by the United Nations Commission on International Trade Law on 30 May 1997, and approved by the General Assembly of the United Nations on 15 December 1997; and
b: any document that relates to the Model Law on Cross-Border Insolvency that originates from the United Nations Commission on International Trade Law, or its working group for the preparation of the Model Law on Cross-Border Insolvency.
2: Subsection (1) does not limit article 8
6: Act binds the Crown
This Act binds the Crown.
7: Application of Model Law on Cross-Border Insolvency in New Zealand
Schedule 1 applies in the circumstances set out in article 1
8: High Court to act in aid of overseas courts
1: This section applies to a person referred to in article 1(1)
2: If a court of a country other than New Zealand has jurisdiction in an insolvency proceeding and makes an order requesting the aid of the High Court in relation to the insolvency proceeding of a person to whom this section applies, the High Court may, if it thinks fit, act in aid of and be auxiliary to that court in relation to that insolvency proceeding.
3: In acting in aid of and being auxiliary to a court in accordance with subsection (2), the High Court may exercise the powers that it could exercise in respect of the matter if it had arisen within its own jurisdiction.
9: Power to make rules
Rules may be made under section 148
a: relating to the procedure of the High Court under this Act; and
b: relating to the manner in which an application under Schedule 1
c: to give effect to this Act. Section 9 amended 1 March 2017 section 183(b) Senior Courts Act 2016
10: Regulations may prescribe specified insolvency proceedings
1: On the recommendation of the Minister, the Governor-General may, by Order in Council, make regulations designating a class of insolvency proceeding, in a designated country other than New Zealand (referred to in this section as the foreign country
2: The Minister must not recommend the making of regulations under subsection (1) unless the Minister is satisfied that—
a: New Zealand and the foreign country are both parties to an agreement for the mutual recognition of insolvency proceedings; and
b: the level of recognition given to the interests of New Zealand debtors and creditors in an insolvency proceeding in the foreign country and the terms of the agreement referred to in paragraph (a) provide appropriate protection for the interests of New Zealand debtors and creditors.
3: A regulation made under subsection (1) may specifically modify or vary Schedule 1
4: Subsection (3) prevails over section 7
5: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 10(5) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
11: Regulations
1: The Governor-General may, by Order in Council, make regulations prescribing forms to be used for the purposes of this Act, and the matters to be specified in the forms.
2: Regulations under this section are secondary legislation ( see Part 3 The following table is small in size and has 3 columns that are grouped under the heading Legislation Act 2019 requirements for secondary legislation made under this section. Legislation Act 2019 requirements for secondary legislation made under this section Publication PCO must publish it on the legislation website and notify it in the Gazette LA19 s 69(1)﻿(c) Presentation The Minister must present it to the House of Representatives LA19 s 114 cl 32(1)﻿(a) Disallowance It may be disallowed by the House of Representatives LA19 ss 115 116 This note is not part of the Act. Section 11(2) inserted 28 October 2021 section 3 Secondary Legislation Act 2021
12: Transitional provisions for this Act
1: If an insolvency proceeding has started before the commencement of this Act, the law governing that insolvency proceeding is the law that would have applied if this Act had not been passed.
2: For the purposes of subsection (1), an insolvency proceeding is taken to have started on the date upon which the judicial manager, Official Assignee, statutory manager, receiver, liquidator, or administrator was appointed.
13: Consequential amendments to other enactments
The enactments specified in Schedule 2 OIC — SR 2008/171 2008-07-24 Companies Act 1993 Judicature Act 1908