Hon Simon Power
Government Bill
19—2
As reported from the Commerce Committee
Commentary
Key
1 Title
2 Commencement
3 Principal Act amended
Part 1Amendments to Insolvency Act 2006
Insolvent gifts
4 New sections 204 and 205 substituted
204 Insolvent gift within 2 years may be cancelled
205 Insolvent gift within 2 to 5 years may be cancelled if bankrupt unable to pay debts
5 Limits on recovery
6 When Assignee may recover difference
No asset procedure
6A Criteria for entry to no asset procedure
6B Effect of termination
7 Discharge
Which debts are cancelled on discharge from no asset procedure
8 New section 377A inserted
377A Effect of discharge
8A New section 377B inserted
377B Discharge does not release partners and others
Public registers
9 Purposes of public registers
10 General information that must be held in public registers
11 New section 449A inserted
449A Information kept indefinitely on public register after multiple insolvency events
12 Search criteria
13 Search purposes
Part 2Transitional provisions and amendment to Privacy Act 1993
14 Amendments relating to insolvent gifts apply only to bankruptcies commenced after Act comes into force
15 Amendments relating to cancellation of fraudulent debts under no asset procedure
16 Amendments relating to 4-year period for public registers apply to all debtors admitted to no asset procedure after Act comes into force
17 Amendments relating to retention of records if multiple insolvency events
Amendment to Privacy Act 1993
18 Schedule 2 of Privacy Act 1993 amended
Legislative history
The Parliament of New Zealand enacts as follows: