A creditors’ right to replace a liquidator is hugely significant, but it can be a complicated and challenging process.
The new rules for insolvency practitioners which passed earlier this month will “level the playing field” in the sector and help screen for fee-chasing cowboys, according to the Restructuring Insolvency and Turnaround Association of New Zealand (RITANZ).
The Restructuring Insolvency and Turnaround Association of New Zealand (RITANZ) has welcomed news that the Insolvency Practitioners Bill has passed into law on Wednesday, almost a decade after it was first introduced into Parliament.
Members who attended the RITANZ Annual Conference in Auckland this year will have enjoyed a fascinating session on the Lehman collapse and a retrospective look at the causes of this and whether anything has positively changed in our approach to cross border insolvency.
The NBR attended this session and have produced the following article flowing from that discussion:
Read the article in NBR here
RITANZ recently met with the Treasurer to discuss Phase 2 of the Reserve Bank Act, in particular whether NZ should introduce Depositor Preference or a Depositor Insurance Scheme, or a combination on both into the Reserve Bank Act. They are calling for public submissions and RITANZ is currently preparing a written submission in this regard.
Please feel free to send us your comments and feedback so that we can incorporate your views into our report.
The full Phase 2 Consultation Document is available here to read.
Members who attended the RITANZ Annual Conference in Auckland this year may recall Steve Flynn’s presentation strongly questioning the outcome in the Western Australian case of Hamersley v Forge, which involved the important issue of the inter-relationship between insolvency set off and PPSA. Steve’s subsequent article can be found at (2018) 29 JBFLP 175.
The Western Australian Court of Appeal has now overturned the lower court decision – a succinct case note on the appeal can be found at:
RITANZ’s Chairperson John Fisk and Vice Chair Matt Kersey recently presented an oral submission to the Select Committee in Parliament on the Supplementary Order Paper to the Insolvency Practitioners Bill.
To view the submission click on the link below: