Tuesday, 23 February 2016
New Zealand: reviews and consultations - incorporated societies, insolvency law and auditor liability
Several developments - whether draft legislation, or reviews of existing law - are worth nothing. The first is a consultation on the draft Incorporated Societies Bill: see here. The Bill will, amongst other things, place within legislation for the first time the duties of society officers. A couple of reviews are underway: one concerning auditor liability and another concerning insolvency law. In respect of the latter, a working group was set up in November 2015 (with terms of reference available here, pdf) and it is due to publish a report with recommendations by the middle of this year. Amongst the areas the group will be looking at are voluntary liquidations including phoenix companies, voidable transactions including Ponzi schemes and the regulation of insolvency practitioners.