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Board Resolution Closure Of Business

Board Resolution Closure Of Business Template for New Zealand

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Key Requirements PROMPT example:

Board Resolution Closure Of Business

"I need a Board Resolution Closure Of Business for my retail company in New Zealand, planning for a voluntary closure by March 2025 due to retirement, with provisions for employee redundancy payments and orderly asset disposal."

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Document background
A Board Resolution Closure Of Business is a critical corporate document required when a company's board of directors decides to cease operations in New Zealand. This document is typically used when a business has determined that continued operation is no longer viable, whether due to financial circumstances, strategic decisions, or other significant factors. The resolution must comply with New Zealand's Companies Act 1993 and related legislation, ensuring proper corporate governance in the closure process. It serves multiple purposes: documenting the board's decision-making process, providing legal protection for directors by demonstrating their due diligence, and creating a formal record for shareholders, creditors, and regulatory authorities. The document should include comprehensive details about the closure rationale, implementation plan, and provisions for addressing various stakeholder interests.
Suggested Sections

1. Header Information: Company name, registration number, date, time, and location of the board meeting

2. Attendance: List of directors present, apologies, and confirmation of quorum

3. Notice and Quorum: Confirmation that proper notice was given and quorum requirements are met

4. Background: Brief overview of the company's current situation and reasons for considering business closure

5. Financial Position: Summary of the company's current financial position and viability assessment

6. Directors' Consideration: Statement confirming directors have considered all reasonable alternatives and their duties under the Companies Act 1993

7. Main Resolution: Formal resolution to cease business operations and commence closure process

8. Implementation Steps: Detailed steps for implementing the closure, including timeframes

9. Authorizations: Specific authorizations for designated persons to execute the closure process

10. Signature Block: Space for Chairperson's signature and date of signing

Optional Sections

1. Appointment of Liquidator: Required if the company is to be liquidated rather than just ceased

2. Asset Disposal Plan: Include when there are significant assets to be disposed of

3. Employee Provisions: Required when there are employees affected by the closure

4. Creditor Settlement Plan: Include when there are significant creditors to be addressed

5. Lease Termination Provisions: Required when there are commercial leases to be terminated

6. Intellectual Property Provisions: Include when the company has significant IP assets to be dealt with

7. Subsidiary/Branch Closure Details: Required when closing multiple business locations or subsidiary companies

Suggested Schedules

1. Schedule 1: Financial Statement: Current financial position of the company

2. Schedule 2: Asset Register: Complete list of company assets and their estimated values

3. Schedule 3: Creditor List: List of all creditors and amounts owed

4. Schedule 4: Employee Register: List of employees and their entitlements

5. Schedule 5: Timeline: Detailed timeline for closure implementation

6. Appendix A: Legal Advice: Copy of legal advice received regarding closure (if applicable)

7. Appendix B: Accountant's Report: Financial advisor's or accountant's report on closure implications

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






























Clauses






























Relevant Industries

Retail

Manufacturing

Professional Services

Technology

Hospitality

Construction

Agriculture

Financial Services

Healthcare

Education

Transportation

Real Estate

Mining

Energy

Telecommunications

Relevant Teams

Board of Directors

Executive Leadership

Legal

Finance

Human Resources

Operations

Compliance

Corporate Governance

Risk Management

Administration

Relevant Roles

Chief Executive Officer

Managing Director

Board Chairperson

Company Director

Company Secretary

Chief Financial Officer

Legal Counsel

Corporate Governance Manager

Risk Manager

Human Resources Director

Operations Manager

Accountant

Compliance Officer

Business Unit Head

Restructuring Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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