has a long history of legislation pertaining to dormant
and unclaimed assets. The original Unclaimed Monies Act
of 1908 was amended in 1958, since replaced by the
Unclaimed Money Act of 1971, amended in 1988 and again in
It applies to
unclaimed money owing or held by companies incorporated
in New Zealand, as well as those incorporated elsewhere
but doing business in the country.
Administered by the Commissioner of Inland Revenue,
abandonment is generally declared after six years, except
in the case of interest-bearing dormant bank accounts,
which are allowed 25 years. Dividends and pension
benefits are generally excluded.
Banks are required to maintain a register and notify the
Commissioner of all "unclaimed money." Proceeds
remitted under the Act go to the Consolidated Fund.
Claimants are not entitled to receive interest.
Contact: Unclaimed Monies,
Inland Revenue, P.O. Box 2848, Wellington; or search the
missing owner database at:
Matters concerning companies no longer in business are
handled by the Trustee & Insolvency Service of the
Ministry of Commerce, which administers a fund to help
liquidators mount legal action on behalf of unpaid
creditors. A searchable National Insolvency Database is
http://www.insolvency.govt.nz/cms or contact:
Insolvency and Trustee
Private Bag 4714
0508 467 658