Commerce Committee Presents Report On The Business Law Reform Bill

On Monday the Commerce Committee presented its report on the Business Law Reform Bill.

“The Commerce Committee has examined the Business Law Reform Bill and recommends that the bill be passed with the amendments shown,” said the Chairperson, David Cunliffe.

The bill contains various amendments to a number of business law statutes and as referred was divided into nine separate parts. Most of the amendments contained in the bill are based upon suggestions from business law practitioners, enforcement agencies, and the wider business community. The bill also includes still outstanding recommendations of the Company Law Monitoring Group.

The committee recommended a number of changes to the bill, including:

 subjecting certain reports and communications of liquidators and receivers to absolute privilege in the context of their duty to report on suspected offences
 addition of a substantial new part relating to the Personal Property Securities Act 1999
 addition of a new part relating to the Receiverships Act 1993
 widening the pool of potential candidates for membership of the Securities Commission
 a threshold test for transfer of members or beneficiaries under the Superannuation Schemes Act 1989
 removal of one clause with controversial policy content
 a number of minor or technical amendments
 addition of two new schedules replacing the existing schedules to the Personal Property Securities Act 1999 incorporating amended definitions.

Contact for further details:

David Cunliffe (Chairperson) on (04) 471 6589 or
Alan Witcombe on (04) 471 9536

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