Update to members – Licensing 1 September 2020

Members will be aware of the new licensing regime that comes into effect on 1 September 2020.  As we transition to the new legislation, there will be several immediate changes which will impact on Accredited Insolvency Practitioners that we want to update you on.

Under the legislation, any individual who is not a member of an Accredited Body has to comply with section 57 of the Insolvency Practitioners Regulation Act 2019, in order to be eligible to apply to be a Licenced Insolvency Practitioner and to take Insolvency Engagements as from 1 September 2020.

Section 57 provides for an exemption for overseas practitioners, members of a recognised body, or members of religious societies from the requirement that states you must be a member of an Accredited Body.

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Covid-19 Further measures to support businesses

RITANZ, together with leaders in the industry has worked closely with MBIE to provide proposals to address certain corporate governance risks that now exist as a result of the Covid-19 pandemic and the Level 4 lockdown.

We have lobbied for urgent steps to be taken to both provide directors with some comfort that they will not be held liable for actions they take in this period as well as providing mechanisms to assist directors in the period following the lockdown as they attempt to rebuild their businesses.

We are pleased to share the following announcement made today by MBIE:

“The Government will be introducing legislation to make changes to the Companies Act to help companies facing insolvency due to COVID-19 to remain viable and keep New Zealanders in jobs.

The temporary changes include:
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Message from the Chair – RITANZ Annual Conference postponed

The rapidly developing issues of CoVid-19 and impact on our planned May 2020 annual conference were addressed at our last Board meeting on Wed, 11th March 2020. At that time, we felt we did not have sufficient information to make a call on the conference going ahead.  It was decided that the Board would again convene this week to decide on whether RITANZ would proceed.

It has become apparent in the days following our meeting that greater restrictions have been put in place by many of our members’ firms in respect of attendance, the size of events that it is prudent to hold, as well as the Government’s requirement for anyone who has arrived in the country, including our Keynote speaker and other presenters, to self-isolate for 14 days.

The level of uncertainty that currently exists and the risks of holding a conference based on what we know at this time is such that the Board has unanimously decided to postpone the conference until further notice.

We are aware that the RITANZ Conference and the Networking Events contribute significantly to the learning and development and CPD hours of our members and we remain committed to delivering these opportunities within the current environment as best possible. We will be exploring alternate options to ensure that relevant and topical content is made available to our members over the coming months. Further communications in this regard will follow over the next few weeks.

We wish to take this opportunity to thank our members for your support and understanding.

NZ Accredited Insolvency Practitioner – Applications Now Open

Dear RITANZ Members

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.

Read more “NZ Accredited Insolvency Practitioner – Applications Now Open”