Insolvency Practitioners Regulation Act 2019

Coat of Arms of New Zealand

Insolvency Practitioners Regulation Act 2019

Public Act
 
2019 No 29
Date of assent
 
17 June 2019
Commencement
 
see section 2

Contents

1Title
2Commencement
3Purpose
4Overview
5Interpretation
6Transitional, savings, and related provisions
7Act binds the Crown
8Insolvency practitioner must hold licence
9Issue of licence
10Overseas practitioners deemed to have licence for 10 days from appointment
11Accredited body must send licence details to Registrar
12Licence subject to conditions
13Duration of licence
14Ongoing competence requirements
15Unsatisfactory results of competence programme
16Meaning of relevant authority
17Cancellation of licences
18Suspension of licences
19Effect of suspension
20Procedure relating to exercise of cancellation or suspension powers
21Appeals in respect of licensing and related matters
22Registrar may prescribe licensing and other matters
23Minimum standards for licence
24Principles guiding prescribing of licensing and other matters
25Registrar must consult before publishing notices
26Other provisions relating to notices under section 22
27Register of licensed insolvency practitioners
28Operation of and access to register
29Purposes of register
30Contents of register
31Obligation to notify Registrar of prescribed changes
32Registrar must amend register in certain circumstances
33Search of register
34Registrar may grant accreditation
35Accreditation subject to conditions
36Rules of accredited bodies
37Accredited bodies must supply report and annual confirmation to Registrar
38Registrar must publish plan relating to insolvency practitioner regulation and oversight
39Publication of policies
40Registrar must monitor regulatory systems
41Registrar must report on regulatory systems of each accredited body
42Registrar may give directions
43Requirements relating to directions
44Offence to contravene directions
45Registrar may suspend or cancel accreditation or censure accredited body in certain circumstances
46Requirements relating to orders
47Effect of suspension or cancellation on licences issued by accredited body or former accredited body
48Registrar must give opportunity to make submissions
49Appeals
50Provisions relating to disciplinary proceedings conducted by accredited bodies
51Registrar may start or take over investigation or investigate in conjunction with accredited body
52Relationship between Registrar’s investigation and other investigations or proceedings
53Accredited body must give reasonable assistance
54Accredited bodies required to provide information have privileges of witnesses in court
55Disciplinary powers of Registrar
56Miscellaneous matters relating to orders
57Exemption from membership requirement for certain overseas practitioners, members of recognised bodies, and members of religious societies and orders
58Requirements for arrangement
59End of exemption from membership requirement
60Duty of insolvency practitioners to report serious problems
61Insolvency practitioner must provide further assistance after providing report
62Confidentiality of information and documents
63Conditions relating to publication or disclosure of information or documents
64Protection of persons who report serious problems
65Meaning of arm’s-length terms
66Restriction on purchase of assets
67Restriction on purchase of goods or services from person connected with insolvency practitioner
68Solvent company liquidators
69Power of Registrar to recognise professional body
70Registrar’s functions
71Registrar’s power of inspection
72Registrar may act as accredited body
73Protection from liability for accredited bodies and others
74Sharing of information and documents between accredited bodies and Registrar
75Notice and service of documents
76False declarations and representations
77Registrar may refuse to take step before fee, charge, or cost paid
78Registrar may refuse to accept document
79Power of Registrar to delegate
80Regulations
81Levy of persons registered or incorporated under certain Acts
82Minister must consult about levy regulations
83Consequential amendments
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: