Insolvency Practitioners Regulation Bill

  • enacted

Hon Kris Faafoi

Insolvency Practitioners Regulation Bill

Government Bill



Bill note
19Transitional, savings, and related provisions
20Parts 3 to 6 bind the Crown
21Insolvency practitioner must hold licence
22Issue of licence
22AOverseas practitioners deemed to have licence for 10 days from appointment
23Accredited body must send licence details to Registrar
24Licence subject to conditions
25Duration of licence
26Ongoing competence requirements
27Unsatisfactory results of competence programme
28Meaning of relevant authority
29Cancellation of licences
30Suspension of licences
31Effect of suspension
32Procedure relating to exercise of cancellation or suspension powers
33Appeals in respect of licensing and related matters
34Registrar may prescribe licensing and other matters
35Minimum standards for licence
36Principles guiding prescribing of licensing and other matters
37Registrar must consult before publishing notices
38Other provisions relating to notices under section 34
39Register of licensed insolvency practitioners
40Operation of and access to register
41Purposes of register
42Contents of register
43Obligation to notify Registrar of prescribed changes
44Registrar must amend register in certain circumstances
45Search of register
46Registrar may grant accreditation
47Accreditation subject to conditions
48Rules of accredited bodies
49Accredited bodies must supply report and annual confirmation to Registrar
50Registrar must publish plan relating to insolvency practitioner regulation and oversight
51Publication of policies
52Registrar must monitor regulatory systems
53Registrar must report on regulatory systems of each accredited body
54Registrar may give directions
55Requirements relating to directions
56Offence to contravene directions
57Registrar may suspend or cancel accreditation or censure accredited body in certain circumstances
58Requirements relating to orders
59Effect of suspension or cancellation on licences issued by accredited body or former accredited body
60Registrar must give opportunity to make submissions
62Provisions relating to disciplinary proceedings conducted by accredited bodies
63Registrar may start or take over investigation or investigate in conjunction with accredited body
64Relationship between Registrar’s investigation and other investigations or proceedings
65Accredited body must give reasonable assistance
65AAccredited bodies required to provide information have privileges of witnesses in court
66Disciplinary powers of Registrar
67Miscellaneous matters relating to orders
68Exemption from membership requirement for certain overseas practitioners, members of recognised bodies, and members of religious societies and orders
69Requirements for arrangement
70End of exemption from membership requirement
71Duty of insolvency practitioners to report serious problems
72Insolvency practitioner must provide further assistance after providing report
73Confidentiality of information and documents
74Conditions relating to publication or disclosure of information or documents
75Protection of persons who report serious problems
77Meaning of arm’s-length terms
78Restriction on purchase of assets
79Restriction on purchase of goods or services from person connected with insolvency practitioner
80Solvent company liquidators
81Power of Registrar to recognise professional body
82Registrar’s functions
83Registrar’s power of inspection
84Registrar may act as accredited body
85Protection from liability for accredited bodies and others
86Sharing of information and documents between accredited bodies and Registrar
87Notice and service of documents
88False declarations and representations
89Registrar may refuse to take step before fee, charge, or cost paid
90Registrar may refuse to accept document
91Power of Registrar to delegate
92ALevy of persons registered or incorporated under certain Acts
92BMinister must consult about levy regulations
93Consequential amendments
Legislative history

The Parliament of New Zealand enacts as follows: