MBIE has advised of an upcoming change to the maximum employee preferential claim figure in the Companies Act 1993 and Insolvency Act 2006.
On 30 September 2018, The figure is being adjusted from $22,160 to $23,960. This adjustment occurs every 3 years, to account for any increase in average weekly earnings (total, private sector).This adjustment reflects an 8.1 percent increase in average weekly earnings since 2015, as reported by Statistics New Zealand in its Quarterly Employment Survey.
The amendments to the Companies Act and Insolvency Act have been signed into law (see the New Zealand Legislation website) and notified in the Government Gazette. For more information, please see the MBIE website.
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.
On 23 June 2016, the UK voted to leave the EU, sending shock waves across the markets and economies worldwide. While it will be several months before the full implications can begin to be understood, we look at some of the likely impacts on R&I lawyers and professionals.
The UK has voted to leave the European Union by 52% to 48%, with a turnout of 72%. The full impact of the referendum result will become apparent in the coming days, weeks and months (see LNB News 24/06/2016 1).
When will the UK actually exit the European Union?
We are pleased to announce that the Agreement between Chartered Accountants ANZ and the Restructuring and Insolvency Turnaround Association New Zealand Incorporated (RITANZ) has been executed and members can now submit their applications for accreditation as a New Zealand Accredited Insolvency Practitioner.
As you know, the joint self-regulatory regime has been designed to improve and enhance the ethical standards and professional competency of insolvency practitioners in New Zealand to bring it in line with global best practice.