Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Insolvency practitioners rules up for discussion

13 October 2006

Insolvency practitioners rules up for discussion

Commerce Minister Lianne Dalziel today released proposals for the regulation of insolvency practitioners, company liquidators and administrators after earlier submissions on insolvency law reform overwhelmingly supported the establishment of a regulatory framework.

“While submitters felt the great bulk of liquidations are carried out by capable and honest practitioners, concerns were expressed about the competence and professionalism of a minority of practitioners,” Lianne Dalziel said.

Lianne Dalziel said concerns about the lack of a regulatory framework for insolvency practitioners had also been expressed in submissions on the Insolvency Law Reform Bill currently before Parliament, particularly in the proposal to introduce a Voluntary Administration regime.

Lianne Dalziel said that while insolvency practitioners were a relatively small industry in New Zealand, they carried out a specialised task which is crucial to protecting and promoting the integrity of the corporate insolvency system, involving the liquidation of insolvent companies, or the rehabilitation of a company or the viable parts of a business.

“Despite undertaking such a crucial role in New Zealand commerce, insolvency practitioners are not required to be licensed or registered by a regulatory body with powers to investigate possible misconduct. There are some statutory requirements, but practitioners are not required to have particular qualifications or levels of education, nor do they have to belong to any professional organisation.

“Because of this, there is no official record of the number of insolvency practitioners or their qualifications. This information gap has the potential to create problems as those appointing practitioners may not always know whether practitioners are competent to liquidate or rehabilitate companies,” Lianne Dalziel said.

Lianne Dalziel said the discussion document was just that – a document for discussion.

"The government has not decided to introduce a regulatory framework for this small but important profession, but we have been persuaded to take further advice on the matter."

The discussion document is available at A copy of the Insolvency Law Reform Bill as reported back from the Commerce Select Committee is available at


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why New Zealand Needs To Change Its Defence Habits

In a flashback to the military displays of days gone by, one of our frigates recently joined a Carrier Strike show of force in the South China Sea, en route to a joint military exercise in Singapore with our traditional allies, called BersamaGold21. Reportedly, Anna Powles, from the Centre of Defence and Security Studies at Massey University felt this to be a case of us doing our bit to uphold international law, and the right of free transit through the region in question... More>>

Government: New COVID-19 Protection Framework Delivers Greater Freedoms For Vaccinated New Zealanders

Vaccinated New Zealanders will regain everyday freedoms when the country moves to a new simplified COVID-19 Protection Framework that doesn’t rely on nationwide lockdowns as the main measure to stop the virus spreading. In a suite of announcements that establish a pathway out of restrictions the Government is also providing up to $940 million per fortnight to support businesses through the challenging period... More>>



Government: Responds To Independent Review Into WorkSafe

The Government has clear expectations that WorkSafe must action the recommendations of the independent review into the regulator to improve its management of adventure activities following the tragedy at Whakaari White Island, Workplace Relations and Safety Minister Michael Wood says... More>>

Government: New Zealand Secures Historic Free Trade Deal With The United Kingdom
New Zealand and the United Kingdom have agreed in principle the details of a historic Free Trade Agreement (FTA), which will further accelerate our COVID-19 economic recovery say Prime Minister Jacinda Ardern and Minister for Trade and Export Growth Damien O’Connor... More>>


Ombudsman: Launches Investigation Into MIQ Booking System
The Chief Ombudsman Peter Boshier is launching a broad investigation into the Managed Isolation and Quarantine (MIQ) booking system after receiving hundreds of complaints... More>>


Pay Cheque To Pay Cheque: Half A Million New Zealanders Have No Savings
New findings from the Consumer NZ sentiment tracker found that 15% of New Zealanders had no savings, and a further 27% were anxious about their level of savings and would like to have more tucked away... More>>

Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>

Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>




InfoPages News Channels