Consulting on insolvency practitioner regulation
On: 25 August 2016
Part one of the review of corporate insolvency law has been completed and Report No.1 by the Insolvency Working Group has been released for public consultation. The report discusses and sets out recommendations on the regulation of insolvency practitioners and measures to address the harms of voluntary liquidations has been released.
MBIE is seeking your views on whether the recommendations by the Insolvency Working Group are needed, the potential options for reform and their likely costs and benefits.
Recommendations made by the Insolvency Working Group include:
- Introducing a licensing system for insolvency practitioners
- Making various other changes to legislative settings that impact on insolvency practitioners
- Making improvement to the law relating to voluntary liquidations such as:
- assigning a publicly searchable unique identification number to existing and future directors
- requiring the consent of the petitioning creditor for the voluntary appointment of liquidators or administrators;
- providing the ability for the liquidator to void, with limited exceptions, the transfer of a company’s assets once the liquidation order is made
Submissions close on Friday 7 October 2016. If you have any questions please email the team at MBIE.