Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations amend the principal regulations to accommodate the introduction of the New Zealand Business Number and to make a number of minor and technical amendments.
Part 1 of Schedule 1 of the principal regulations sets out data that must be specified in a financing statement or financing change statement. If the debtor is an organisation other than a partnership or trust, the information must now include the debtor’s New Zealand Business Number (NZBN), if it has one. New regulation 3B provides for NZBNs to be included on the register, and new regulation 14A allows the register to be searched by reference to a debtor’s NZBN. Regulation 17 of the principal regulations is amended so that if a search is conducted using both the debtor’s incorporation number and its NZBN, the search results will include registrations that contain either or both of those numbers.
Current registrations obviously do not include NZBNs. The Registrar expects to be able to add NZBNs for the majority of current registrations in time for the commencement of these regulations. The Registrar will work with the secured parties of the remaining current registrations to ensure that, where required, NZBNs are added to the register within 2 months. New regulation 3A and new Schedule 1AA make transitional arrangements to accommodate the fact that not all registrations will include NZBNs during that transitional period.
Regulation 22 of the principal regulations relates to the manner in which prescribed fees are to be paid and is amended to allow greater flexibility in the methods of payment that may be used.
Regulations 3 and 21 of the principal regulations are amended to update terminology. Schedule 1 is also further amended—
to require a limited partnership to be identified as such (so as to distinguish it from a normal partnership); and
to no longer require a fax number to be provided; and
to revoke clause 13, which is a transitional provision and is now spent.
Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 16 August 2018.
These regulations are administered by the Ministry of Business, Innovation, and Employment.