Insolvency Law Review

The Ministry began a major review of New Zealand's insolvency law in May 1999. The objectives of the review were:

To provide a predictable and simple regime for financial failure that:
- Can be administered quickly and efficiently
- Imposes the minimum necessary compliance and regulatory costs on its users
- Does not stifle innovation, responsible risk taking and entrepreneurialism by excessively penalising business failure;
To distribute the proceeds to creditors in accordance with their relative pre-insolvency entitlements, unless the public interest requires otherwise;
To maximise returns to creditors;
To enable individuals in bankruptcy again to participate fully in the economic life of the community; and
To provide international co-operation in relation to cross-border insolvency.

Email: insolvencyreview@med.govt.nz

Available Documents

Cross-border Insolvency [ Published 14 August 2008 ]
The Insolvency (Cross-border) Act 2006 came into effect on 24 July 2008. The Act implements the Model Law on Cross-Border Insolvency adopted by the United Nations Commission on International Trade Law (UNCITRAL).
Regulation of Insolvency Practitioners [ Published 14 August 2008 ]
A new negative licensing system has been adopted to address the issue of substandard insolvency practitioners operating in the insolvency industry.
Insolvency Law Review Update - 21 November 2007 [ Published 21 November 2007 ]
Update released on the 21 November 2007 regarding the status of the Insolvency Law Review.
Insolvency Law Review Update - 27 September 2007
Update released on the 27 September 2007 regarding the status of the Insolvency Law Review.
Insolvency Practitioner Regulation: Options for Change - Discussion Document [ Published 13 October 2006 ]
This discussion document contains draft proposals for changes to the Companies Act 1993 which seek to ensure that the regulatory framework for insolvency practitioners effectively manages the risks involved in corporate insolvency.
Update: Insolvency Law Reform Work - 28 October 2004 [ Published 28 October 2004 ]
This page provides an update on the Insolvency Law Review and key measures contained in the Insolvency Law Reform Bill
Draft Insolvency Law Reform Bill
This page provides information on the draft Insolvency Bill for consultation and link to the accompanying discussion document.
Cabinet Papers
Cabinet Papers relating to the Insolvency Law Review.
Regulatory Impact and Business Compliance Cost Statements
Regulatory Impact and Business Compliance Cost Statements for the Insolvency Law Review
Submissions on the Discussion Paper "Insolvency Practitioner Regulation: Options for Change" [ Published 14 April 2008 ]
Sub. No. Submitter DateReceived 01 Beattie Rickman [456 Kb] 22/12/2006 02 New Zealand Credit and Finance Institute Incorporated [1 Mb] 01/02/2007 03 BDO Spicers [62 Kb] 01/02/2007 04 Grant Thornton [649] 01/02/2007 05 David Underwood [1, 527 Kb] 01/02/2007 06 PPB McCallum Petterson Limited [220 Kb] 02/02/2007 07 John Whittfield [37...
Media Statements
Media Statements and speech notes related to the Insolvency Law Review.
Background Information
Background information on the Insolvency Law Review.
Consultation Documents
Consultation Documents relating to the Insolvency Law Review.

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Printed: 08/11/2009