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Banned Directors On The Net

MEDIACOM-RELEASE-NZ-COMPANIES-OFFICE

The Companies Office announced today that its list of persons who have been banned from running companies is now accessible on the Internet.

The database, which can be searched for free at www.companies.govt.nz contains a list of those people who have been banned either as a result of mismanaging companies or arising from bankruptcy.

National Manager, Adam Feeley said: "People doing business with others need to know their risks, and having a database of these people is one way the Companies Office can help minimise that risk."

He said one of the common problems the Companies Office faces is investors and creditors continuing to do business with people whose track records mark them as a commercial hazard.

"You probably wouldn't lend your car to a person with a history of speeding and drunk-driving - and this database is the corporate equivalent in terms of enabling you to make an informed decision about whether to lend your investment dollar to someone with a bad commercial track record."

The database is one of a number available from the Companies Office Internet site, which includes the facility to also search any persons company directorships, the record of those companies, as well as the list of past and current bankrupts.

"They all add up to a valuable tool for commercial decision making," Mr Feeley said.

ENDS.... MEDIA RELEASE FROM THE NEW ZEALAND COMPANIES OFFICE

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