Companies Act 1993

Companies Act 1993
Companies Act 1993
New Zealand Parliament
	Long title An Act to reform the law relating to companies, and, in particular,— (a) to reaffirm the value of the company as a means of achieving economic and social benefits through the aggregation of capital for productive purposes, the spreading of economic risk, and the taking of business risks; and (b) to provide basic and adaptable requirements for the incorporation, organisation, and operation of companies; and (c) to define the relationships between companies and their directors, shareholders, and creditors; and (d) to encourage efficient and responsible management of companies by allowing directors a wide discretion in matters of business judgment while at the same time providing protection for shareholders and creditors against the abuse of management power; and (e) to provide straightforward and fair procedures for realising and distributing the assets of insolvent companies ;
Royal assent	28 September 1993
	Status: Current legislation

The Companies Act is an Act of Parliament passed in New Zealand in 1993.

The Act regulates companies, and replaces the earlier Companies Act of 1955.

Case law

Allied Concrete Ltd v Meltzer - Decision determining the meaning of "gave value" in section 296(3)(c) of the Companies Act.
Mason v Lewis - Decision holding that the test for determining what reckless trading under section 135 of the Companies Act 1993 is an objective one.
Timberworld Ltd v Levin - Decision concerning whether the peak indebtedness rule operated in New Zealand (section 292 of the Companies Act).

Companies Act 1993

New Zealand Parliament
Long title An Act to reform the law relating to companies, and, in particular,— (a) to reaffirm the value of the company as a means of achieving economic and social benefits through the aggregation of capital for productive purposes, the spreading of economic risk, and the taking of business risks; and (b) to provide basic and adaptable requirements for the incorporation, organisation, and operation of companies; and (c) to define the relationships between companies and their directors, shareholders, and creditors; and (d) to encourage efficient and responsible management of companies by allowing directors a wide discretion in matters of business judgment while at the same time providing protection for shareholders and creditors against the abuse of management power; and (e) to provide straightforward and fair procedures for realising and distributing the assets of insolvent companies
Royal assent	28 September 1993
Status: Current legislation