authorises the person to act as an insolvency practitioner in respect of the insolvency engagement being carried out; and

is recorded in the register.

the accredited body is satisfied that the person—

the application is accompanied by payment of the prescribed registration fee; and

either—

if the licence is issued, send the prescribed registration fee to the Registrar; or

if the licence is not issued, refund the prescribed registration fee to the applicant.

the issue of the licence is not subject to payment of the accredited body’s costs; and

if the licence is not issued, the accredited body’s costs are not refundable merely because the licence is not issued.

as if the person were a licensed insolvency practitioner—

as if the person were, from the date and time when they were appointed to act, a member of the accredited body to which the person applies for a licence; and

with any other necessary modifications.

10 days after the person is appointed, the person has not applied for a licence under section 9; or

the person’s application is declined.

that is Australia or a recognised jurisdiction; and

in which the practitioner is entitled to carry out insolvency work.

the relevant information described in section 30; and

any other prescribed information.

is subject to any conditions of the kinds prescribed under section 22(1)(b)(i); and

may be subject to any conditions of the kinds prescribed under section 22(1)(b)(ii) that the accredited body thinks fit; and

must specify a condition relating to the types of insolvency engagements in respect of which the person is authorised to act under the licence.

add to any conditions of the licence:

vary, remove, or substitute any conditions of the licence (other than the conditions referred to in subsection (1)(a)).

the accredited body or the Registrar gives the person at least 10 working days’ written notice of the following matters before exercising the power:

the accredited body or the Registrar gives the person or the person’s representative an opportunity to make written submissions on the matter within that notice period.

require its members who are licensed insolvency practitioners to complete competence programmes to maintain their ongoing competence; and

otherwise promote, monitor, and review the ongoing competence of its members who are licensed insolvency practitioners.

pass an examination or assessment (or both):

complete a period of practical training:

complete a period of practical experience:

undertake a course of studies:

anything else that the accredited body considers appropriate.

vary, remove, add to, or substitute any conditions of the member’s licence under section 12; or

cancel the member’s licence under section 17; or

suspend the member’s licence under section 18.

the accredited body that issued the licence:

a disciplinary body in accordance with subsection (2).

if the person, by written notice, requests that the relevant authority do so; or

if the relevant authority is satisfied on reasonable grounds that—

if the relevant authority is satisfied on reasonable grounds that 1 or more insolvency engagements carried out by the person are not being, or have not been, carried out—

treated as cancelled under section 47; or

cancelled by the Registrar under subpart 5.

that the person—

that 1 or more insolvency engagements carried out by the person are not being, or have not been, carried out—

treated as suspended under section 47; or

suspended by the Registrar under subpart 5.

the relevant authority gives the licensed insolvency practitioner at least 10 working days’ written notice of the following matters before it exercises the power:

the relevant authority gives the licensed insolvency practitioner or the licensed insolvency practitioner’s representative an opportunity to make written submissions and to be heard on the matters within that notice period.

decline to issue a licence to the person; or

include conditions under section 12(1)(b) or (c) on the person’s licence or proposed licence (or to act under section 12(3)); or

suspend or cancel the person’s licence; or

make any other order under subpart 5 in respect of the person.

in accordance with the rules of court; and

within 20 working days after notice of the decision is communicated to the appellant, or within any further time the court allows on application made before or after the period expires.

the minimum standards for licensing (including standards relating to required competence, qualifications, and experience) that a person must meet in order to be issued with a licence by an accredited body; and

conditions, or the kinds of conditions, to which licences—

requirements for ongoing competence that must be complied with by persons who are issued with a licence; and

the minimum standards for accreditation (including standards relating to the adequacy and effectiveness of regulatory systems) that an applicant must meet in order to be granted accreditation by the Registrar; and

the procedure that accredited bodies and disciplinary bodies of accredited bodies must follow when performing regulatory functions; and

transitional requirements for the purposes of transitional licences under Schedule 1 (including requirements relating to required competence, qualifications, and experience).

have general or specific application; and

differ according to differences in time or circumstance.

by requiring a degree or diploma or certificate of a stated kind recognised by the Registrar:

by requiring the successful completion of a degree, course of studies, or programme recognised by the Registrar:

by requiring a pass in a specified examination or any other assessment:

by reference to registration with, a licence issued by, or other authorisation from an overseas organisation:

by requiring experience in the provision of services of a particular kind:

by requiring a certain level of competence:

by requiring compliance with conditions related to insurance:

by requiring compliance with any relevant standard relating to insolvency engagements:

by requiring compliance with any relevant code of conduct or ethics.

the matters must be necessary or desirable to—

the matters should not unnecessarily restrict the licensing of insolvency practitioners; and

the matters should not impose undue costs on insolvency practitioners or on creditors.

persons who the Registrar considers are able to represent the views of insolvency practitioners; and

organisations—

on an Internet site maintained by or on behalf of the Registrar; and

for access and searching by members of the public.

to enable any person to—

to assist any person in the exercise of the person’s powers or the performance of the person’s functions under this Act or any other enactment.

the full name and business address of the insolvency practitioner:

the name of the accredited body that has issued a licence to the insolvency practitioner:

the date of each licence that has been issued to the insolvency practitioner:

the date on which each licence was recorded in the register:

the expiry date of each licence that is currently in force (and whether the licence continues in force under section 13(4)):

the types of insolvency engagements in respect of which the insolvency practitioner is authorised to act under each licence:

the conditions placed on each licence that is currently in force:

details of any suspension or cancellation of a licence that has been issued to the insolvency practitioner or any other action that has been taken on a disciplinary matter against the insolvency practitioner under this Act by an accredited body, a disciplinary body, or the Registrar in the preceding 7 years:

details of any prohibition order made in relation to the insolvency practitioner under section 239ADV or 286 of the Companies Act 1993 or section 37 of the Receiverships Act 1993:

the insolvency practitioner’s firm (if any):

any other prescribed information.

information about former licensed insolvency practitioners; and

information about licences that have been cancelled or suspended or have otherwise expired in the last 7 years; and

any other information or documentation that the Registrar considers necessary or desirable for the purposes of the register.

the person requests the Registrar to do so on the basis that the information is personal information; and

the Registrar considers that the disclosure of the information on the publicly available register would be likely to prejudice the privacy or personal safety of any person.

an accredited body informs the Registrar of information that is different from the information entered on the register; or

an annual confirmation contains information that is different from the information entered on the register; or

the Registrar is satisfied at any time that the register contains a typographical error or a mistake, or omits information supplied to the Registrar; or

regulations otherwise require the register to be amended.

the name, or any part of the name, of a person:

the business address of a person:

the name of a firm:

the name of an accredited body:

any other prescribed criteria:

any combination of the criteria in paragraphs (a) to (e).

an individual, or a person with the consent of the individual, for the purpose of searching for information about that individual in accordance with the Privacy Act 1993; or

a person for a purpose referred to in section 29.

a person:

2 or more persons acting jointly together.

the applicant will implement and maintain regulatory systems that are adequate and effective; and

the applicant meets the minimum standards prescribed under section 22(1)(d); and

if the applicant is a person, the person is a fit and proper person to perform regulatory functions for the purposes of this Act; and

if the applicant is 2 or more persons acting jointly together, each person is a fit and proper person to perform regulatory functions for the purposes of this Act.

a person:

2 or more persons acting jointly together.

conditions relating to the procedure that an accredited body must follow when performing regulatory functions:

conditions to ensure that the accredited body’s regulatory systems are adequate and effective:

conditions requiring the accredited body to seek consent from the Registrar before making any material changes to the rules of the body in relation to the licensing of insolvency practitioners:

any other prescribed conditions, or conditions that relate to prescribed matters.

each of the persons is liable for ensuring compliance with every obligation of the accredited body imposed by or under this Act:

if a court is satisfied that one of the persons has contravened a provision of, or committed an offence under, this Act, each of the other persons must be treated as having contravened the provision or committed the offence (regardless of each of the other persons’ conduct or state of mind):

a suspension or cancellation of the accreditation under section 45 applies in relation to all of the persons:

the provisions of this Act apply with all necessary modifications.

the investigation of complaints against a member or former member of the accredited body:

the hearing of complaints and other matters by a disciplinary body:

appeals against decisions of a disciplinary body:

the kinds of conduct for which a member or former member of the accredited body may be disciplined:

the actions that may be taken in respect of, and the penalties that may be imposed on, a member or former member of the accredited body for such conduct:

eligibility to carry out insolvency engagements:

the code of conduct or ethics that governs the professional conduct of the members of the accredited body.

subsections (1) to (4) do not apply in relation to the rules or the code of ethics described in section 8 of the New Zealand Institute of Chartered Accountants Act 1996; and

in relation to the Institute, a reference in this Act to the rules or to a code of ethics must be read as a reference to the rules or to the code of ethics described in section 8 of the New Zealand Institute of Chartered Accountants Act 1996.

be supplied in the manner and form specified by the Registrar in a direction under subsection (4); and

contain—

be supplied in the form (if any) specified by the Registrar in a direction under subsection (4) and be accompanied by the prescribed fee (if any); and

either—

contain, or be accompanied by, any other prescribed information or documents.

prepare a direction that specifies the following:

send a copy of the direction to each accredited body; and

publish the direction on an Internet site maintained by or on behalf of the Registrar.

the specific effects, outcomes, or objectives that the Registrar seeks to achieve or contribute to; and

the ways in which the Registrar expects accredited bodies to contribute to those effects, outcomes, or objectives; and

how the Registrar proposes to monitor accredited bodies under section 40.

in determining applications for accreditation; and

in imposing, varying, removing, or adding to conditions of accreditation.

fails to comply with subsection (2); or

otherwise hinders, obstructs, or delays the Registrar in acting under subsection (1).

states that the Registrar has published a report on the adequacy and effectiveness of the regulatory systems of 1 or more accredited bodies; and

names the accredited bodies covered by the report; and

summarises any directions given under section 42 in the preceding financial year (but not the reasons); and

specifies where a copy of the report may be inspected or obtained.

the body’s regulatory systems are not adequate and effective; or

the adequacy or effectiveness of its regulatory systems can be improved in order to better meet the purposes of this Act; or

its regulatory systems are inconsistent in a material respect with the Registrar’s plan under section 38.

an accredited body has failed to—

the regulatory systems of an accredited body are not adequate and effective.

suspends the accreditation of the accredited body—

cancels, with effect from a specified date, the accreditation of the accredited body:

provides that a body whose accreditation has been cancelled may not apply to be re-accredited before the expiry of a specified period:

censures the accredited body:

requires the accredited body to pay to the Registrar any sum that the Registrar considers just and reasonable towards the costs and expenses of, and incidental to, the Registrar’s consideration of whether to take any action under this section:

does anything that can be done by an order under section 47.

in the case of subsection (1)(a), the failure or failures (as the case may be) are serious or persistent; or

in the case of subsection (1)(b), the regulatory systems of the accredited body are seriously inadequate or ineffective.

suspended under section 45, each licence issued by B is treated as suspended during the period in which B’s accreditation is suspended:

cancelled under section 45, each licence issued by B is treated as cancelled.

the Registrar gives the accredited body at least 10 working days’ written notice of the following matters before exercising the power:

the Registrar gives the accredited body or its representative an opportunity to make written submissions and to be heard on the matter within that notice period.

to decline to grant accreditation to the person under this subpart; or

to include conditions under section 35 on the person’s accreditation or proposed accreditation; or

to give a direction under section 42 in respect of the person’s accreditation; or

to make an order under section 45 in respect of the person’s accreditation; or

to decline to make an order under section 47(2) in respect of the person’s licence.

in accordance with the rules of court; and

within 20 working days after notice of the decision is communicated to the appellant, or within any further time the court allows on an application made before or after the period expires.

the Professional Conduct Committee were references to the committee or other authority of the accredited body that has the function of investigating complaints against members and former members of the accredited body; and

a disciplinary body were references to a disciplinary body of the accredited body; and

the Institute were references to the accredited body; and

the rules were references to the rules of the accredited body published under section 36.

start an investigation; or

take over an investigation started by an accredited body; or

conduct an investigation in conjunction with an accredited body.

the Registrar is satisfied on reasonable grounds that—

the accredited body has asked the Registrar to act under this subpart in respect of the matter.

start or continue another investigation into the same matter:

take any disciplinary or other action against the licensed insolvency practitioner in respect of the same matter.

supply to the Registrar, within the time and in the manner specified in the notice, any information or class of information specified in the notice:

produce to the Registrar, or to a person specified in the notice acting on the Registrar’s behalf in accordance with the notice, any document or class of documents specified in the notice (within the time and in the manner specified in the notice):

reproduce, or assist in reproducing, in usable form, information recorded or stored in any document or class of documents specified in the notice (within the time and in the manner specified in the notice):

appear before the Registrar, at a time and place specified in the notice, to give evidence, either orally or in writing, and produce any document or class of documents specified in the notice.

inspect and make records of that document; and

take copies of the document or extracts from the document.

fails to comply with subsection (1) or a notice under subsection (2); or

otherwise hinders, obstructs, or delays the Registrar in carrying out an investigation.

in accordance with—

with reasonable care, diligence, and skill.

an order that P’s licence be cancelled:

an order that P may not apply to be relicensed, whether with the same or a different accredited body, before the expiry of a specified period:

an order that P’s licence be suspended for the period that the Registrar thinks fit:

an order prohibiting P from acting in respect of a specified insolvency engagement or a specified class or specified classes of insolvency engagement, or as a solvent company liquidator,—

an order that P pay to the Registrar any sum that the Registrar considers just and reasonable towards the costs and expenses of, and incidental to, the Registrar’s investigation and the proceedings:

an order that P complete a specified competence programme, and section 14(3) applies, with any necessary modifications, in relation to a competence programme:

an order prohibiting P from acting in respect of a specified insolvency engagement or a specified class or specified classes of insolvency engagement, or as a solvent company liquidator, except under the supervision of another licensed insolvency practitioner:

an order that P comply with any specified requirement that the Registrar considers appropriate in connection with the grounds referred to in subsection (1).

the Registrar gives P at least 10 working days’ written notice of the following matters before exercising the power:

the Registrar gives P or P’s representative an opportunity to make written submissions and to be heard on the matter within that notice period.

the licensed insolvency practitioner against whom the order is made; and

the accredited body that issued the licence to that licensed insolvency practitioner.

the accredited body is satisfied that P is—

the accredited body has entered into a written arrangement with P that complies with section 58; and

the accredited body is satisfied that P—

state that the arrangement is entered into for the purposes of this section; and

include a binding agreement by P to be subject to the rules of the accredited body that are described in section 36(1).

ongoing competence requirements:

reports and access to information:

the promotion of compliance with the requirements imposed by or under any enactment that relate to the carrying out of insolvency engagements:

the promotion of compliance with any relevant standards relating to insolvency engagements:

the promotion of reasonable care, diligence, and skill in the carrying out of insolvency engagements:

the payment of fees:

the term of the arrangement.

the accredited body ceases to be satisfied as referred to in section 57(1)(a) and gives written notice of that fact to P; or

the written arrangement is terminated or otherwise comes to an end (unless a subsequent arrangement that complies with section 58 is entered into); or

the accredited body is satisfied that P failed to comply with the written arrangement in any material respect.

the company, or a past or present director, officer, or shareholder of the company, has committed an offence:

a person who has taken part in the formation, administration, management, liquidation, or receivership of the company—

a past or present director of the company has breached a director’s duty in a material respect:

the company has been managed in a way that has materially contributed to the company being a company described in section 385(1) of the Companies Act 1993.

the Registrar; and

if the company is a licensed insurer (within the meaning of section 6(1) of the Insurance (Prudential Supervision) Act 2010), the Reserve Bank of New Zealand; and

if the serious problem concerns the possible commission of an offence, one or both of the following:

information; and

access to documents; and

facilities for inspecting and copying documents.

information and documents supplied or disclosed to, or obtained by, the Registrar under section 60 or 61:

information derived from information and documents referred to in paragraph (a).

the information or document is available to the public under any enactment or is otherwise publicly available; or

the information is in a statistical or summary form; or

the publication or disclosure of the information or document is for the purposes of, or in connection with, the performance or exercise of any function, power, or duty conferred or imposed on the Registrar by this Act or any other enactment; or

the publication or disclosure of the information or document is made to a law enforcement or regulatory agency for the purposes of, or in connection with, the performance or exercise of any function, power, or duty conferred or imposed on the law enforcement or regulatory agency by any enactment; or

the publication or disclosure of the information or document is to a person who the Registrar is satisfied has a proper interest in receiving the information or document; or

the publication or disclosure of the information or document is with the consent of the person to whom the information or document relates or of the person to whom the information or document is confidential.

maintaining the confidentiality of anything provided (in particular, information that is personal information within the meaning of the Privacy Act 1993):

the storing of, the use of, or access to anything provided:

the copying, returning, or disposing of copies of documents provided.

would be reasonable in the circumstances if the parties were connected or related only by the transaction in question, each acting independently, and each acting in its own best interests; or

are less favourable than the terms referred to in paragraph (a) for—

to a person acting as the insolvency practitioner in respect of a company in administration or under a deed of company arrangement, or a company in liquidation, or in respect of the receivership of any property of a company:

if the insolvency practitioner described in paragraph (a) is a director, an officer, or an employee of a body corporate,—

if the insolvency practitioner described in paragraph (a) is a partner, an officer, or an employee of a partnership or limited partnership,—

to a member of the creditors’ committee of a company in administration or under a deed of company arrangement:

to a member of the liquidation committee of a company in liquidation:

if a person described in any of paragraphs (a) to (e) is a beneficiary or settlor of a trust, to any trustee of the trust.

a transaction that is, for commercial purposes, an integral part of a continuing business relationship (for example, a running account) between,—

a transaction that is conducted on arm’s-length terms; or

a transaction that is conducted with the leave of the court.

a licensed insolvency practitioner:

a lawyer:

a qualified statutory accountant:

a member of a professional body recognised under section 69.

the body satisfies the requirements that are prescribed for the purposes of this section; and

the members or a class of members of the body have the required skills to carry out solvent company liquidations; and

the body’s rules contain effective disciplinary processes and systems, including in relation to failures by members to comply with their ethical obligations.

revoke or suspend recognition of a body if—

impose any conditions that the Registrar thinks fit on the recognition of that body; or

vary, revoke, add to, or substitute the conditions referred to in paragraph (b).

to prescribe licensing and other matters under subpart 2 of Part 2:

to establish and maintain a register of licensed insolvency practitioners under subpart 3 of Part 2:

to grant accreditation under subpart 4 of Part 2:

to monitor the regulatory systems of accredited bodies, report on the adequacy and effectiveness of those systems, and take action in respect of those systems that are inadequate or ineffective:

to conduct investigations under subpart 5 of Part 2:

to perform or exercise any other functions, powers, and duties conferred or imposed on the Registrar by or under this Act.

if, in the Registrar’s opinion, it is in the public interest to do so; and

for any of the following purposes:

require a person, in relation to information provided to the Registrar, to—

require a person to produce for inspection relevant documents within the person’s possession or control; or

inspect and take copies of relevant documents; or

take possession of relevant documents and remove them from the place where they are kept, and retain them for a reasonable time, for the purpose of taking copies; or

retain relevant documents for a period that is, in all the circumstances, reasonable, if there are reasonable grounds for believing that they are evidence of the commission of an offence.

a particular form in which the confirmation or correction must be provided; and

a date by which the confirmation or correction must be provided; and

whether the confirmation or correction must be verified by the production of original documents or certified copies of original documents or by a statutory declaration.

the company; or

money or other property that is, or has been, managed, supervised, controlled, or held in trust by or for the company; or

the insolvency engagement.

suspends or cancels the accreditation of a body under section 45; and

considers that it is in the public interest for the Registrar to act as an accredited body having regard to the purpose of this Act.

holds in relation to the performance or exercise of the accredited body’s functions, powers, or duties under the rules of the accredited body or under any enactment; and

considers may assist the Registrar in the performance or exercise of the Registrar’s functions, powers, or duties under this Act or any other enactment.

by delivering it personally or by an agent (such as a courier) to the person; or

by sending it by post addressed to the person at the person’s usual or last known place of residence or business; or

by sending it by email to the person at an email address that is used by the person; or

in any other manner that the court directs.

either orally or in writing, makes any declaration or representation to a specified body that, to the person’s knowledge, is false or misleading in any material particular; or

provides to a specified body any document knowing that the document—

makes use of any document knowing that the document—

is not in the required form (if any); or

does not comply with prescribed requirements (if any).

must be in writing; and

may be made subject to any restrictions and conditions that the Registrar thinks fit; and

may be revoked, in writing, at any time; and

does not prevent the performance or exercise of a function, duty, or power by the Registrar.

prescribing changes for the purposes of section 31:

prescribing information or documents for the purposes of sections 11 and 37:

prescribing conditions or matters that conditions may relate to for the purposes of section 35(2)(d):

prescribing, or authorising the Registrar to specify,—

authorising the Registrar to require payment of any costs incurred by the Registrar:

prescribing procedures, requirements, and other matters, not inconsistent with this Act, for the register, including matters that relate to—

prescribing fees and charges that the Registrar may require to be paid to the Registrar (or the rate at which, or the method by which, fees and charges are to be calculated) in connection with the exercise or performance by the Registrar of any function, power, or duty conferred by or under this Act:

providing for any other matters contemplated by this Act, necessary for its administration, or necessary for giving it full effect.

prescribe the method of payment of a fee, charge, or cost; and

authorise the Registrar to refund or waive, in whole or in part and on any prescribed conditions, payment of a fee, charge, or cost in relation to any person or class of persons.

a portion of the costs of the Registrar in performing or exercising the Registrar’s functions, powers, and duties under this Act, where the size of the portion to be met by levies under this Act is determined by the Minister; and

the costs of collecting the levy money.

specify the class or classes of companies that are required to pay a levy:

specify the amount of levies, or method of calculating or ascertaining the amount of levies:

include in levies, or provide for the inclusion in levies of, any shortfall in recovering the actual costs:

refund, or provide for refunds of, any over-recovery of the actual costs:

provide for the payment and collection of levies:

provide different levies for different classes of companies:

specify the financial year or part financial year to which a levy applies, and apply that levy to that financial year or part financial year and each subsequent financial year until the levy is revoked or replaced:

for the first financial year to which a levy applies, include in a levy amount or method the costs relating to establishing the register:

require payment of a levy for a financial year or part financial year, irrespective of the fact that the regulations may be made after that financial year has commenced:

provide for waivers or refunds of the whole or any part of a levy for any case or class of cases.

the persons or organisations that the Minister considers are able to represent the views of the companies that will be liable to pay a levy under the proposed regulations; and

any other representatives of persons whom the Minister believes to be significantly affected by the proposed regulations.

subsection (1) was not complied with before the Minister recommended the making of the regulations; or

the consultation carried out was about a specific rate or specific rates of levy that differ from the rate or rates set in the regulations.