Ministry of Justice requests feedback on AML

On the 1 July 2021, the Minister of Justice asked the Ministry of Justice to review the Act. This review will look at:

How has the Act operated since 2013?

Is there any part of the Act that should change?

The review will finish by 30 June 2022, with the Ministry providing a report to the Minister. The Minister will then make the report public.

The Ministry is asking for submissions from the public with a deadline of 3 December 2021. RITANZ will be making a submission but we encourage all interested members to also make their own submissions to the MoJ.

To access the consultation document and obtain more information, click here.

Small businesses ‘on their knees’

RITANZ Chair, John Fisk recently noted in an NBR article, that even though some industries were doing it hard there had not yet been a rise in the number of businesses going to the wall.

There were 1008 liquidations (including those of solvent companies) in the nine months to September, he said.

This compares with 1129 liquidations in the same period in 2020, and 1285 in 2019.

Because of the lockdown, the number of court applications to wind up companies was at its lowest for a September month, Fisk said.

“In my view, many of the businesses impacted to date are just closing down or hibernating, and creditors are being paid or have chosen not to take legal action to recover the debt, at this stage.

“If history is anything to go by, there is also always a lag of some months between financial hardship and formal insolvency appointments actually happening,” he said.

Government support measures had helped, as had the IRD and landlords rescheduling or waiving debt.

Banks were also being supportive, and low interest rates along with rising property values were providing small firms with options for now.

To view the full article in NBR