RITANZ welcomes recommendations of Insolvency Working Group

RITANZ welcomes recommendations of the Insolvency Working Group

Auckland, 25 August 2016 – RITANZ, the professional body for New Zealand insolvency practitioners, today welcomed the recommendations of MBIE’s Insolvency Working Group in particular the licensing system for insolvency practitioners.

Chairman Brendon Gibson said that appropriate accreditation for insolvency and turnaround industry specialists is something that the industry wants and and the public should demand.

“RITANZ had input to the working group and is very pleased with the progress to date and the proposal for a licensing system for insolvency practitioners.

“We know from our own experience with self regulation that it promotes opportunities to improve the ethical standards and professional competency of insolvency practitioners. It also demonstrates a strong commitment to the highest standards of professionalism and integrity.

“Currently in New Zealand almost anyone, including those with criminal convictions can operate as an insolvency specialist. We’ve long held the view that this needs to change and this is why we implemented our own accrediation system. At RITANZ, we’re focussed on building trust in professionals who help to restore the value of under-performing businesses and assist financially challenged individuals.

“Our work often involves dealing with people at a time of very high stress. It’s vital that they can trust the professional they’re working with. Today’s announcement regarding the regulation of insolvency pracititioners is good news for our industry.”

ENDS

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