Update – Insolvency set off PPSA Hamersley v Forge

 

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:

http://www.chapmantripp.com/publications/update-integrity-of-set-off-rights-restored

Country TV interviews RITANZ Chair John Fisk

John Fisk the Chair of RITANZ,  recently featured on Country TV’s Point of View current affairs show to discuss the Farm Mediation Bill, and other insolvency issues that relate to New Zealand’s rural community.

Country TV is on SKY Channel 081, however RITANZ members can simply access John’s wide-ranging and informative 30 minute interview by watching the video below:

Country TV – Point of View from RITANZ on Vimeo.

Insolvency Practitioners Bill – submission on SOP

RITANZ has prepared and submitted our submission on the Supplementary Order Paper to the Insolvency Practitioners Bill which strongly supports the IPB and the co-regulatory regime for insolvency practitioners .  On the 20th Sep 2018, we will appear before the Select Committee to provide an oral submission.

To read the full RITANZ submission, click here:

RITANZ Submission Insolvency Practitioners Bill

Radio NZ interviews RITANZ Chair

RITANZ Chairman, John Fisk, was recently interviewed by Radio NZ on a range of issues facing our industry at the moment and the work that we as RITANZ are doing around proposed legislation. See the following audio clip from this morning’s broadcast on Morning Rural News. The piece dealing with the proposed Farm Debt Mediation Bill is at 2:20 mins into the clip.

Radio NZ Interview

Submissions sought – Insolvency Practitioners Bill

On the 28th June, the Minister of Commerce and Consumer Affairs. Kris Faafoi sent the Insolvency Practitioners Bill back to the select committee to consider a supplementary order paper which replaces the proposed negative licencing regime with a co-regulatory licensing framework.

The select committee is calling for submissions on the SOP with a deadline of 24th Aug 2018.

RITANZ is compiling a submission representing feedback from the industry viewpoint and we encourage members to let us have their thoughts and comments on this very important topic as a matter of urgency.

The SOP is available for further reading as per the link below:

Supplementary Order Paper

Farm Debt Mediation Bill

The Farm Debt Mediation Bill would amend the Receiverships Act 1993 by introducing a mandatory mediation process and deferring the appointment of receivers for a minimum of 10 days to allow this process to take place.

This Bill was proposed, drawn up and introduced into parliament over a very short period of time and will need rigorous review and some adjustment before it can be passed into law. It is imperative that our industry has a voice and that RITANZ responds with our members thoughts and concerns on this before submissions close on 3rd Aug 2018.

https://lnkd.in/gMzgsJD

Increasing Trust in Insolvency Practitioners

The government is introducing a licensing system for insolvency practitioners, Commerce and Consumer Affairs Minister Paul Goldsmith announced today.

“Every year hundreds of New Zealand companies go into liquidation, receivership or administration. Outstanding debts can run into many millions of dollars.

“When a company is unable to repay their debts and becomes insolvent it is essential there is a high level of trust and transparency around the process for all parties involved,” says Mr Goldsmith. “Insolvency practitioners play a key role in protecting the interest of creditors but concerning gaps have been identified in standards and ethical behaviour.

Read more “Increasing Trust in Insolvency Practitioners”