Insolvency Practitioners Regulation Bill

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Hon Kris Faafoi

Insolvency Practitioners Regulation Bill

Government Bill

141—4B

	Bill note
	Key
1	Title
2	Commencement
	· · · · ·
	Part 3 Preliminary provisions
16	Purpose
17	Overview
18	Interpretation
19	Transitional, savings, and related provisions
20	Parts 3 to 6 bind the Crown
	Part 4 Licences, accreditation, and role of Registrar
	Subpart 1—Licences
	Requirement to hold licence
21	Insolvency practitioner must hold licence
	Issue of licence
22	Issue of licence
22A	Overseas practitioners deemed to have licence for 10 days from appointment
	Licence details to be sent to Registrar
23	Accredited body must send licence details to Registrar
	Conditions
24	Licence subject to conditions
	Duration of licence
25	Duration of licence
	Ongoing competence requirements
26	Ongoing competence requirements
27	Unsatisfactory results of competence programme
	Cancellation and suspension of licences
28	Meaning of relevant authority
29	Cancellation of licences
30	Suspension of licences
31	Effect of suspension
32	Procedure relating to exercise of cancellation or suspension powers
	Appeals in respect of licensing and related matters
33	Appeals in respect of licensing and related matters
	Subpart 2—Registrar may prescribe licensing and other matters
34	Registrar may prescribe licensing and other matters
35	Minimum standards for licence
36	Principles guiding prescribing of licensing and other matters
37	Registrar must consult before publishing notices
38	Other provisions relating to notices under section 34
	Subpart 3—Register of licensed insolvency practitioners
39	Register of licensed insolvency practitioners
40	Operation of and access to register
41	Purposes of register
42	Contents of register
43	Obligation to notify Registrar of prescribed changes
44	Registrar must amend register in certain circumstances
45	Search of register
	Subpart 4—Accreditation
46	Registrar may grant accreditation
47	Accreditation subject to conditions
48	Rules of accredited bodies
49	Accredited bodies must supply report and annual confirmation to Registrar
50	Registrar must publish plan relating to insolvency practitioner regulation and oversight
51	Publication of policies
52	Registrar must monitor regulatory systems
53	Registrar must report on regulatory systems of each accredited body
54	Registrar may give directions
55	Requirements relating to directions
56	Offence to contravene directions
57	Registrar may suspend or cancel accreditation or censure accredited body in certain circumstances
58	Requirements relating to orders
59	Effect of suspension or cancellation on licences issued by accredited body or former accredited body
60	Registrar must give opportunity to make submissions
61	Appeals
62	Provisions relating to disciplinary proceedings conducted by accredited bodies
	Subpart 5—Investigations by Registrar
63	Registrar may start or take over investigation or investigate in conjunction with accredited body
64	Relationship between Registrar’s investigation and other investigations or proceedings
65	Accredited body must give reasonable assistance
65A	Accredited bodies required to provide information have privileges of witnesses in court
66	Disciplinary powers of Registrar
67	Miscellaneous matters relating to orders
	Subpart 6—Overseas practitioners, members of recognised bodies, and members of religious societies and orders
68	Exemption from membership requirement for certain overseas practitioners, members of recognised bodies, and members of religious societies and orders
69	Requirements for arrangement
70	End of exemption from membership requirement
	Part 5 Provisions relating to insolvency practitioners
	Subpart 1—Duty to report serious problems
71	Duty of insolvency practitioners to report serious problems
72	Insolvency practitioner must provide further assistance after providing report
73	Confidentiality of information and documents
74	Conditions relating to publication or disclosure of information or documents
75	Protection of persons who report serious problems
	Subpart 2—Restrictions on insolvency practitioners
77	Meaning of arm’s-length terms
78	Restriction on purchase of assets
79	Restriction on purchase of goods or services from person connected with insolvency practitioner
	Part 6 Solvent company liquidators, miscellaneous matters, and regulations
	Subpart 1—Solvent company liquidators
80	Solvent company liquidators
81	Power of Registrar to recognise professional body
	Subpart 2—Other miscellaneous matters
82	Registrar’s functions
83	Registrar’s power of inspection
84	Registrar may act as accredited body
85	Protection from liability for accredited bodies and others
86	Sharing of information and documents between accredited bodies and Registrar
87	Notice and service of documents
88	False declarations and representations
89	Registrar may refuse to take step before fee, charge, or cost paid
90	Registrar may refuse to accept document
91	Power of Registrar to delegate
	Subpart 3—Regulations and levy provisions
92	Regulations
92A	Levy of persons registered or incorporated under certain Acts
92B	Minister must consult about levy regulations
93	Consequential amendments
	· · · · ·
	Schedule 4 Transitional, savings, and related provisions
	Schedule 5 Consequential amendments
	Legislative history

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